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Residential sales numbers support city’s destination status
July 20, 2016
REBNY’s latest residential sales report reported rising sales prices throughout the five boroughs, once again reinforcing the fact that New York City remains a great investment for anyone who wants to live, work, and raise a family in our amazing city.
The average sales price of a New York City home (co-ops, condos, and one-to-three family dwellings) has hit an all-time high of $1,018,000, according to our Second Quarter 2016 Residential Sales Report. Average home sales price increases were also seen in all five boroughs this quarter. However, there was a dip in citywide home sales.
The recorded sales of some of Manhattan’s most expensive new condo units drove the average price to this all-time high price for a home in New York City. Average sales price of a home in Brooklyn rose five percent compared to last year. Likewise, each property type in Brooklyn – condos, coops, and one-to-three family dwellings – all posted gains in their average price this quarter.
Staten Island and the Bronx registered increases in sales volume this quarter when compared to last year, rising six percent and 22 percent, respectively.
SALES OF LUXURY APARTMENTS DROVE THE AVERAGE PRICE UP
Total consideration (monetary value for completed transactions) for Manhattan was $6.52 billion this quarter, up 9.4 percent from the second quarter of last year. The total consideration for residential sales in Brooklyn was $2.17 billion (an increase of less than one percent), $1.74 billion in Queens (an increase of nine percent), $340 million in the Bronx (an increase of 28.4 percent), and $456 million in Staten Island (an increase of 12.1 percent).
The middle segment of the market continued to rise, with the median sales price for a New York City home increasing seven percent to $582,000, and the other boroughs registering increased median prices compared to last year as well. The continuous demand for middle market homes are pulling the median sales price of homes higher and are continuing to bolster the market as well.
In terms of neighborhood highlights, the average sales price of a condo in Midtown East nearly doubled, reaching $4,929,000. Sales at 432 Park Avenue were largely responsible for this price increase, where the 19 recordings this quarter averaged $19.3 million.
In Brooklyn, the Williamsburg condo market surged, rising 43 percent to 120 sales compared to the second quarter of 2015. The average sales price for a condo in Williamsburg, however, fell 13 percent to $937,000, due in large part to the high volume of sales upland where market prices are lower than along the waterfront. Average sales price of one-to-three family homes in Bushwick/Wyckoff Heights increased 23 percent to $929,000, and the number of sales in these neighborhoods dipped 18 percent from last quarter to 84.
Average prices of a condo in Jackson Heights rose 14 percent to $407,000, registering 40 condo sales this quarter. The average sales price of a one-to-three family home in Flushing increased to $873,000 – up nine percent from last year.
One-to-three family home sales in Parkchester/Westchester Square/Castle Hill/Soundview increased 33 percent from last year, with 112 sales. The average sales price of these dwellings was $428,000, up 11 percent compared to the second quarter of 2015.
To view the full report, please visit www.rebny.com.