REBNY Report: NYC Residential Sales Market Closes Record-Breaking 2016 with Tempered Fourth Quarter

Activity dips as average home sales prices rise

Rounding out a year of historic highs in average sales price and total consideration (monetary value for completed transactions) with growing activity in the other boroughs, the New York City residential sales market closed 2016 with a moderate fourth quarter, according to the Real Estate Board of New York (REBNY) Residential Sales Report.

The average sales price for a home (cooperatives, condominiums, and one-to-three-family dwellings) in the City rose ten percent year-over-year to $924,000. This increase was driven by high-end condominium sales, which brought the average sales price for a Manhattan condo unit to a peak of $2,963,000 this quarter. The average sales price for a condo in Brooklyn increased twelve percent to $983,000. 

The median sales price of a New York City home increased six percent to $575,000 in the fourth quarter of 2016 signaling that the demand for New York City homes is not only at the upper end of the market. 

Home sales volume decreased year-over-year citywide and in each of the largest boroughs. The number of sales for all homes in New York City slipped two percent from the fourth quarter of last year to 11,837. The total number of home sales in Manhattan fell eight percent to 2,801; one percent to 2,703 in Brooklyn; and five percent to 3,908 in Queens year-over-year.

“Home sales remain above average across the five boroughs with healthy price growth despite a slight decline in activity this quarter,” said John H. Banks, III, REBNY President. “Demand for all property types holds strong, setting the pace of activity for the start of 2017.”

Total residential sales consideration increased in each borough. Year-over-year, total consideration increased nine percent to $5.5 billion in Manhattan; seven percent to $2.3 billion in Brooklyn; two percent to $2.1 billion in Queens; 19 percent to $388.4 million in the Bronx; and 23 percent to $700.4 million in Staten Island.

Additional highlights from REBNY’s Fourth Quarter 2016 New York City Residential Sales Report:

  • Transactions for cooperative units in Manhattan fell this quarter with sales on the Upper East Side declining 17 percent to 417 compared to 503 in the fourth quarter of 2015. The average sales price of a coop unit on the Upper East Side decreased two percent to $1,591,000.
  • The average sales price of condo unit in Williamsburg increased 18 percent year-over-year to $1,193,000. The number of condo sales in the Brooklyn neighborhood increased 87 percent to 140 sales this quarter, 72 of which were transacted at 429 Kent Avenue.
  • Rego Park / Forest Hills / Kew Gardens recorded 323 cooperative unit sales in the fourth quarter of 2016, a five percent increase from the fourth quarter of last year and the most coop sales recorded in any area of Queens this quarter. The average sales price of a coop unit in this area rose six percent to $292,000 year-over-year.
  • There were 119 one-to-three family home sales in Woodlawn / Williamsbridge this quarter, a 37 percent increase year-over-year. The average sales price of a one-to-three family dwelling in this area of the Bronx was $424,000, an increase of ten percent from the fourth quarter of 2015.

REBNY’s New York City Residential Sales Report is the most comprehensive quarterly review of recorded transactions and includes data from all five boroughs.

Download the full report.