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REBNY Report: NYC Home Sales Volume Rises 15 Percent to 12,721 in 2Q 2017
July 24, 2017
Brooklyn, Queens, and Staten Island record all-time high average home sale prices as more sales occur outside of Manhattan
New York City sales volume for all homes (cooperatives, condominiums, and one-to-three-family dwellings) rose a striking 15 percent to 12,721 in the second quarter of 2017 compared to the second quarter of 2016, according to the Real Estate Board of New York’s (REBNY) Residential Sales Report.
This surge was driven by the 3,984 home sales completed in Queens, a 17 percent increase; 3,268 home sales closed in Manhattan, up six percent; and 3,034 home sales recorded in Brooklyn, a 15 percent rise year-over-year.
Citywide consideration (monetary value for completed transactions) followed suit totaling $13.4 billion, a 19 percent boost compared to last year’s second quarter. Year-over-year, total consideration increased eight percent to $7.02 billion in Manhattan; 37 percent to $2.97 billion in Brooklyn; 28 percent to $2.24 billion in Queens; 25 percent to $426 million in the Bronx; and 54 percent to $703 million in Staten Island.
“New York City’s home sales volume, average sales prices, and total consideration continued on a strong trajectory through the second quarter of 2017,” said REBNY President John Banks. “The larger share of home sales occurring outside of Manhattan, where prices are lower, has fueled healthy year-over-year average sales price growth.”
New, all-time high average sales prices were set for home types in Brooklyn, Queens, and Staten Island in the second quarter of 2017. Among the records, the average sales price for a:
- Brooklyn condo was $1,166,000, a 26 percent surge year-over-year largely driven by high-priced sales at the Pierhouse development at Brooklyn Bridge Park and The Boerum in Boerum Hill.
- Brooklyn one-to-three family dwelling increased 14 percent to $1,030,000.
- Queens condo reached $678,000 this quarter, boosted 27 percent from last year’s second quarter average by high-priced sales at the Flushing Commons and Grand One developments. The 548 condo sales recorded in Queens was also a new all-time high for the borough.
- Queens coop unit rose ten percent to $288,000 year-over-year.
- Staten Island one-to-three family dwelling rose 11 percent to $526,000.
The average sales price for a home in New York City increased three percent year-over-year to $1,050,000, while the median sales price of a New York City home increased eight percent to $630,000 signaling that the demand for New York City homes is not only at the upper end of the market.
When compared to the second quarter of last year, the average sales price of a home in Brooklyn rose by 19 percent to $977,000; in Queens, grew by nine percent to $561,000; in the Bronx, increased nine percent to $416,000; and in Staten Island, rose by 12 percent to $498,000.
ADDITIONAL HIGHLIGHTS FROM REBNY’S SECOND QUARTER 2017 NEW YORK CITY RESIDENTIAL SALES REPORT:
- The average sales price for a condominium in Tribeca surged by 41 percent to $6,500,000 compared to the second quarter of 2016. This strong price performance was largely due to sales at 56 Leonard Street, Thirty Park Place, and 443 Greenwich Street.
- Sales of cooperative units on the Upper East Side rose 30 percent year-over-year to 479 from 368 in the second quarter of 2016.
- Condo sales in Williamsburg increased 28 percent to 153 sales, while the average sales price of a Williamsburg condo increased 12 percent to $1,049,000 compared to the second quarter of 2016.
- Flushing recorded the most condominium activity in Queens this quarter with 294 sales, more than four times the number of condo sales recorded in the second quarter of 2016. The average sales price of a condominium in Flushing was $766,000, a 41 percent surge year-over-year due to sales at Flushing Commons, The Grand, and Parkside Tower.
- In the Bronx, Parkchester / Westchester Square / Castle Hill / Soundview registered 126 one-to-three family dwelling sales this quarter, a 13 percent increase from the second quarter of 2016. The average sales price of a one-to-three family dwelling in the area was $475,000, an increase of 11 percent year-over-year.
REBNY’s New York City Residential Sales Report is the most comprehensive quarterly review of recorded transactions and includes data from all five boroughs.