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REBNY Report: NYC Residential Sales Market Finishes Strong in 2015
January 27, 2016
Home sales in Queens and the Bronx, average sales prices in Brooklyn post biggest gains in 4Q 2015
New York City’s residential sales market rounded out a year of robust activity with slight growth in average sales prices and sales volume throughout the five boroughs in the fourth quarter of 2015, according to the Real Estate Board of New York (REBNY)’s Fourth Quarter Residential Sales Report.
The total number of home sales in New York City increased three percent year-over-year to 12,021 transactions with the largest gains seen in Queens and the Bronx. Home sales in Queens increased six percent year-over-year to 4,098, while home sales in the Bronx, homes sales rose to 876, a 10 percent increase compared to the fourth quarter of 2014.
“The residential sales market demonstrated buyer and seller confidence throughout 2015 with healthy price growth and strong demand,” said REBNY President John Banks. “Our members are optimistic that the favorable market will continue to the summer. We are bullish on our view of New York City as a desirable place to live, especially as more buyers look beyond Manhattan for their homes and sales activity continues to increase in the other boroughs.”
Brooklyn saw the greatest price growth this quarter with the average sales price for a home in Brooklyn increasing 12 percent year-over-year to $799,000. Queens followed with an eight percent increase in average sales price to $499,000. The average sales price of a home in New York City increased less than one percent to $843,000 from $841,000 in the fourth quarter of 2015.
Manhattan and Brooklyn, which recorded the highest average sales prices in the City, saw a modest decline in home sales this quarter – a year-over-year decrease of six percent to 3,040 sales in Manhattan and one percent to 2,724 in Brooklyn. Combined with the increased home sales in Queens and the Bronx, whose average sales prices are considerably lower, this slim decrease played a significant role in the tempered, overall average sales price for a home in New York City.
The slight increase in the average sales price for a home in New York City was also due in part to the decline in high end sales. For instance, six sales at 157 West 57th Street were recorded in the fourth quarter of 2015, with an average sales price of approximately $17 million. In contrast, there were eleven recorded sales at 157 West 57th Street with an average sales price of approximately $34 million in the fourth quarter of 2014.
Condo sales in the top, ultra-luxury segment of the market have continued to ease back, which has had an impact on the average sales price for a home, particularly in Manhattan. The average price of a Manhattan condo decreased 7 percent year-over-year to $2,185,000, while Manhattan condominium sales decreased nine percent to 1,149 from the fourth quarter of last year.
The total consideration for all residential sales (cooperatives, condominiums, and one-to-three-family dwellings) in New York City during the fourth quarter of 2015 was $10.1 billion, up 3 percent from the fourth quarter of last year. Total consideration for residential sales in: Manhattan was $5.01 billion, down 6.2 percent; Brooklyn was $2.17 billion, an increase of 10.5 percent; and Queens was $2.04 billion, an increase of 14.7 percent, compared to the fourth quarter of last year.
REBNY’s Fourth Quarter 2015 Residential Sales by Neighborhood:
- Manhattan neighborhoods with the most home sales this quarter were the Upper East Side (688 sales), the Upper West Side (520), Midtown East (254), Midtown West (239), Chelsea / Flatiron (170), Gramercy / Kips Bay (158) and Murray Hill (150).
- Brooklyn home sales activity was focused in Bay Ridge / Fort Hamilton (173), Bedford Stuyvesant (154), Gravesend / Mapleton (127), Sheepshead Bay (121), Marine Park / Madison (117) and Park Slope (117).
- Queens neighborhoods with the most home sales were Rego Park / Forest Hills / Kew Gardens (421), Flushing (393), Richmond Hill / South Ozone Park / Woodhaven (326), Jackson Heights / Elmhurst (322), Springfield Gardens / Jamaica / South Jamaica / Baisley Park (316), Briarwood / Jamaica Hills / Hillcrest (235).
- Bronx home sales activity was focused in Riverdale / Fieldston (152), Parkchester / Westchester Square / Castle Hill / Soundview (134), City Island/Pelham Bay / Pelham Strip / Country Club / Throgs Neck / Schuylerville (129), and Woodlawn / Williamsbridge (92).
REBNY’s report is the most comprehensive quarterly review of recorded transactions and includes data from all five boroughs.