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Report: NYC Residential Sales Market Stays Strong on Continued Demand Surge
January 14, 2013
--City’s only five-borough market report shows outer boroughs capturing more market share; Sales of One-to-Three Family Homes in Brooklyn and Queens see significant gains--
NEW YORK, January 14, 2013 – New York City’s residential sales market sustained its robust performance in the fourth quarter of 2013 on a year-over-year basis as Manhattan properties continued to see steady demand, while sales activity in the outer boroughs flourished amid a steadily improving economy and greater clarity on the movement of mortgage interest rates.
Total consideration, the total dollar value of all home sales in the five boroughs, was $9.6 billion in the fourth quarter, an increase of 29 percent compared to the fourth quarter of last year, according to the Real Estate Board of New York’s (REBNY) Fourth Quarter New York City Residential Sales Report released today. Total consideration for Manhattan was $5.3 billion for the fourth quarter of 2013, up 20 percent from the fourth quarter of last year. In Brooklyn, the total consideration of residential sales was $1.9 billion, an increase of 38 percent over the fourth quarter of last year.
“The demand for New York residential real estate grows as confidence in the economic recovery continues and the limited supply of inventory persists,” says Steven Spinola, President of REBNY. “We’re also seeing the affordability of housing in the boroughs outside Manhattan becoming more appealing to home buyers, especially if you take a look at the tremendous growth of both one-to-three family homes and coops in Brooklyn and Queens.”
Citywide home sales volume for all homes (which includes cooperatives, condominiums and one-to-three-family dwellings) increased 31 percent to 12,677 transactions compared to last year. The percentage of consideration attributable to the boroughs other than Manhattan this quarter increased to 45 percent of all consideration this quarter from 41 percent in the fourth quarter of 2012.
The number of sales of both Brooklyn and Queens one-to-three family homes and coops vastly outpaced the volume seen in the fourth quarter of last year. For instance, the number of Brooklyn one-to-three family homes increased 34 percent to 1,739, while in Queens, sales increased 31 percent to 2,333. There was also a 41 percent increase in the sale of Brooklyn coops to 716.
Average sales prices overall in one-to-three family dwellings achieved some of the biggest gains during the fourth quarter with New York City posting a five percent increase from the previous year’s average to $604,000. The Brooklyn average sales price for a one-to-three family home was $686,000, up nine percent from the fourth quarter of 2012. The average sales price in Queens rose eight percent to $541,000 compared to last year’s fourth quarter.
The average sales price of a home in Manhattan increased one percent from last year’s fourth quarter to $1.4 million while the average sales price in Brooklyn rose by five percent to $621,000. Meanwhile, the average sales price of a home in Queens was $432,000, up three percent from the fourth quarter of 2012.
REBNY’s Fourth Quarter 2013 Residential Sales by Neighborhood:
Manhattan neighborhoods with the most home sales this quarter were: the Upper East Side (888 sales), the Upper West Side (640), Midtown East (302), Midtown West (264), Gramercy/Kips Bay (240) and Chelsea/Flatiron (182).
Brooklyn residential home sales activity was focused in Bedford Stuyvesant (215), Park Slope (172), East New York/Spring Creek (153), Bay Ridge/Fort Hamilton (157) Gravesend/Mapleton (139), and Williamsburg (139).
Queens neighborhoods with the most home sales were: Rego Park/Forest Hills/Kew Gardens (465), Flushing (430), Jackson Heights/Elmhurst (414) and Richmond Hill/South Ozone Park/Woodhaven (288).
Bronx neighborhoods with the most residential home sales this quarter were Riverdale/Fieldston (140), Parkchester/Westchester Square/Castle Hill/Soundview (109 sales), City Island/Pelham Bay/Pelham Strip/Country Club/Throgs Neck/Schuylerville (99), and Woodlawn/Williamsbridge (95).
REBNY’s report is the most comprehensive quarterly review of recorded transactions and includes data from all five boroughs.
About The Real Estate Board of New York
The Real Estate Board of New York is the city’s leading real estate trade association with more than 15,000 members. REBNY represents major commercial and residential property owners and builders, brokers and managers, banks, financial service companies, utilities, attorneys, architects, contractors and other individuals and institutions professionally interested in the city’s real estate. REBNY is involved in crucial municipal matters including tax policy, city planning and zoning, rental conditions, land use policy, building codes and legislation. In addition, REBNY publishes reports providing indicators of market prices for both the residential and commercial sectors. Please visit us online at www.REBNY.com