4th Quarter 2014 New York City Residential Sales Report

Download the 4th Quarter 2014 Residential Sales Report.

Introduction

The New York City residential sales market again experienced rising prices but weakening sales volume in the fourth quarter of 2014. The average sales price of a NYC home increased 11 percent to $841,000 compared to last year’s fourth quarter of $760,000 driven by large price increases in Manhattan and Brooklyn. The number of sales in the fourth quarter fell by 8 percent though to 11,699. The biggest price gains were in the Manhattan condo segment of the market. The average price of a Manhattan condo increased 37 percent over last year’s fourth quarter to $2,338,000, but the number of sales fell 11 percent. This large average price increase is partly attributable to closings at 157 West 57th Street where 9 sales over twenty million dollars were recorded during the quarter. The Brooklyn Condo and 1-3 family home markets also saw strong average price increases of 13 percent and 17 percent respectively, but saw sales volumes fall 10 percent and 7 percent respectively.

The total consideration for all residential sales in New York City during the fourth quarter of 2014 was $9.8 billion, up 2 percent from the fourth quarter of last year.

Total consideration for Manhattan was $5.3 billion for the fourth quarter of 2014, up 1 percent from the fourth quarter of last year. In Brooklyn, the total consideration of residential sales was $1.9 billion, an increase of 4.3 percent compared to the fourth quarter of last year.

Manhattan neighborhoods with the most home sales this quarter were; the Upper East Side (692 sales), the Upper West Side (564), Gramercy/Kips Bay (269), Midtown East (247), Midtown West (210), and Chelsea/Flatiron (146).

Brooklyn residential home sales activity was focused in Bedford Stuyvesant (170), Gravesend / Mapleton (148), Bay Ridge / Fort Hamilton (135), Sheepshead Bay (130), East New York / Spring Creek (122), and Park Slope (118).

Queens neighborhoods with the most home sales were; Rego Park/Forest Hills/Kew Gardens (443), Flushing (401), Jackson Heights/Elmhurst (323), Richmond Hill/ South Ozone Park/Woodhaven (266), Springfield Gardens/Jamaica/ South Jamaica/Baisley Park (258) and Laurelton/Cambria Heights/ St. Albans/Rosedale (207).

Bronx neighborhoods with most residential home sales this quarter were Riverdale/Fieldston (143), Parkchester/Westchester Square/ Castle Hill/Soundview (134), City Island/Pelham Bay/Pelham Strip/Country Club/Throgs Neck/Schuylerville (108 sales), and Woodlawn/Williamsbridge (79).

Download the 4th Quarter 2014 Residential Sales Report.