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REBNY Report: New Record $13.6 Billion in NYC Home Sales Transacted in 3Q 2016
October 24, 2016
Average home sale prices reach new highs in Brooklyn, Queens and the Bronx
The New York City residential sales market posted a record $13.6 billion in citywide total consideration (monetary value for completed home sales transactions) in the third quarter of 2016, according to the Real Estate Board of New York's (REBNY) newest Residential Sales Report. This 15 percent rise from the third quarter of 2015 is the greatest total value of home sales transacted in New York City within one quarter since REBNY began tracking home sales data in 2006.
The average sales prices for a home (cooperatives, condominiums, and one-to-three-family dwellings) in Brooklyn, Queens and the Bronx also reached new highs this quarter. Year-over-year, the average sales price for a home increased eight percent to $891,000 in Brooklyn; six percent to $523,000 in Queens; and three percent to $400,000 in the Bronx.
Additionally, the average sales price for a condominium in Manhattan hit a new record of $2,952,000 driven by sales in high-priced, new developments.
This bounce back from a lukewarm second quarter 2016 was further amplified by the eleven percent rise in the average sales price for a home in New York City to $981,000 in the third quarter of 2016 compared to $888,000 in the third quarter of 2015. All five boroughs individually posted year-over-year increases in the average sales price for a home.
Demonstrating the breadth of demand for New York City homes, the median sales price for a home also experienced a boost in all the boroughs this quarter compared to last year. The median sales price for a home in New York City increased four percent to $580,000 from $560,000 last year.
“The record total transactional value and uptick in home sales completed this quarter represent the health of the residential market citywide,” said John Banks, III, REBNY President. “The slight pause felt last quarter was redirected through the hot summer season and this heightened activity sets us up for a promising remainder of 2016.”
Home sales volume grew year-over-year in each borough, except for Manhattan, with the total number of New York City homes sales registering at 13,899 in the third quarter of 2016, a four percent rise from last year. The total number of home sales transactions increased two percent to 3,257 in Brooklyn; seven percent to 4,303 in Queens; 13 percent to 1,034 in the Bronx; and 32 percent to 1,647 in Staten Island. Manhattan posted 3,658 sales, a six percent decrease from the third quarter of 2015.
New records for total residential sales consideration were also set for both Manhattan and Brooklyn in the third quarter of 2016. Year-over-year, total consideration jumped 16 percent to $7.31 billion in Manhattan and 11 percent to $2.90 billion in Brooklyn. Total residential sales consideration rose 12 percent to $2.25 billion in Queens; 16 percent to $413.9 million in the Bronx; and 41 percent to $767.3 million in Staten Island in the third quarter of 2016 compared to last year’s third quarter.
Additional highlights from REBNY’s Third Quarter 2016 New York City Residential Sales Report:
- The average sales price of a condominium in Midtown East tripled to $6,795,000 year-over-year, while the number of condo sales in the Manhattan neighborhood increased nine percent to 98 sales. This steep surge was largely attributed to transactions at 432 Park Avenue where there were 24 sales recorded this quarter that averaged $20.9 million.
- In Bedford Stuyvesant, the average sales price of a one-to-three family home swelled 19 percent to $1,284,000 compared to the third quarter of last year. Year-over-year, the number of sales in this area of Brooklyn dropped 29 percent to 106 sales.
- Flushing recorded the most condominium sales in Queens this quarter tallying 86, an increase of 28 percent from the third quarter of 2015. The average sales price of a condominium in Flushing was $518,000, a six percent rise year-over-year.
- The average sales price of a one-to-three family dwelling in City Island / Pelham Bay / Pelham Strip / Country Club / Throgs Neck / Schuylerville in the Bronx was $525,000, an increase of 14 percent year-over-year. This area registered 120 sales of one-to-three family dwellings this quarter, a six percent decline from the third quarter of 2015.
REBNY’s report is the most comprehensive quarterly review of recorded transactions and includes data from all five boroughs.