1st Quarter 2016 New York City Residential Sales Report

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Executive Summary

Introduction

The New York City residential sales market continued to post small, healthy increases in both average homes sales price and homes sales volume in the first quarter of 2016 compared to last year’s first quarter. The most significant percentage increases in residential sales volume occurred in the Bronx and Staten Island, driven by the sale of one-to-three family dwellings. The sale of one-to-three family dwellings in both boroughs has been on a relative upward trajectory over the last five years since the start of 2011.

The average sales price of an NYC home (cooperatives, condominiums, and one-to-three-family dwellings) increased one percent to $911,000 compared to $898,000 in last year’s first quarter, despite average home sale price increases of five and eight percent in Manhattan and Brooklyn respectively. Declines in sales volume in Manhattan and Brooklyn, whose average home sale prices are the highest in the city, combined with increasing sales in the Bronx, Staten Island and Queens, whose average home sale prices are considerably lower, moderated average home sales price growth.

The middle segment of the market continued to see average sales price increases despite weak national economic data. The middle 50 percent of the market had an average sales price of $584,281, which was 4.5 percent greater than the first quarter of last year.  Meanwhile, the top 10 percent of the market had an average sales price of $3,760,000, which was eight percent lower than the first quarter of last year.

The home sales markets in the Bronx, Staten Island and Queens had the largest gains this quarter, compared to the first quarter of 2015.  Bronx homes sales rose to 989, a 35 percent increase compared to the last year’s first quarter total of 732. Staten Island home sales also increased 35 percent to 1,195, compared to 885 last year. Similarly, home sales in Queens increased six percent to 3,784 from 3,581 in the first quarter of last year.

While Brooklyn sales volume decreased by four percent to 2,806, average home sale prices posted the greatest increase of all the boroughs this quarter and compared to last year.  The average sales price of a home in Brooklyn during the first quarter of 2016 was $809,000, an eight percent increase over the first quarter of last year.

The total consideration for all residential sales in New York City during the first quarter of 2016 was $10.8 billion, up seven percent from the first quarter of last year.

Total consideration for Manhattan was $5.69 billion for the first quarter of 2016, up 2.8 percent from the first quarter of last year.  In Brooklyn, the total consideration of residential sales was $2.27 billion, an increase of 3.8 percent compared to the first quarter of last year, while in Queens, the total consideration for home sales was $1.9 billion, an increase of 13.2 percent. In Staten Island, total consideration was $527 million, a 41 percent increase year-over-year. The total consideration for home sales in the Bronx was $374 million, an increase of 34 percent compared to the first quarter of last year. 

All Homes

The average sales price of a home in New York City during the first quarter of 2016 was $911,000, a one percent increase from the first quarter of last year.  The average sales price of a home in Manhattan increased five percent from last year’s first quarter to $1,865,000.  When compared to the first quarter of 2015, average sales price of a home in Brooklyn rose by eight percent to $809,000, while the average sales price of a home in Queens grew seven percent to $504,000.  Homes in the Bronx, with an average sales price of $378,000, decreased one percent since the first quarter of last year.

Condominiums

The average sales price of a condominium unit in New York City increased one percent in the first quarter of 2016 from the first quarter of 2015 to $1,639,000.  The average sales price of a condo in Manhattan during the quarter was $2,391,000, a two percent increase over the year, while the Brooklyn average sales price declined one percent to $819,000.  The average sales price for a condominium unit in Queens was $568,000 this quarter, a 22 percent increase from last year’s first quarter average. 

Cooperatives

The average sales price of a cooperative unit in New York City during the first quarter of 2016 was $727,000, down three percent from last year’s first quarter average.  When compared to the first quarter of 2015, the average sales price of a coop in Manhattan increased two percent to $1,233,000.  Brooklyn saw an 11 percent increase in the average coop sales price, growing to $485,000 since the first quarter of 2015, while the average sales price of a coop in Queens rose six percent to $261,000.  The average sales price of a coop unit in the Bronx decreased eight percent to $228,000 since last year’s first quarter.

1-3 Family Dwellings

The average sales price of a 1-3 family dwelling in New York City during the first quarter of 2016 increased two percent from last year’s first quarter average to $711,000.  The Brooklyn average sales price for a 1-3 family home was $917,000, up eleven percent from the first quarter of 2015.  The average sales price in Queens rose by five percent to $614,000 compared to last year’s first quarter, while the average sales price in the Bronx increased five percent to $440,000.  The average sales price of a 1-3 family home in Staten Island was $468,000 in the first quarter of 2015, an increase of four percent from the average price during the first quarter of last year. 

Manhattan Neighborhood Highlights

In the first quarter of 2016, the average sales price of a condominium in Murray Hill increased four percent to $1,211,000 compared to the first quarter of last year.  The number of condo sales in Murray Hill was 62, a 38 percent increase from this quarter last year.

The average sales price of a coop unit in the West Village during the first quarter of 2016, increased eight percent to $1,136,000 year-over-year.  The number of coop sales in the West Village was 66 this quarter compared to 68 in the first quarter of last year.

Brooklyn Neighborhood Highlights

Bedford Stuyvesant saw the average sales price for condominiums increase two percent to $689,000 from the first quarter of 2015. The number of condominium sales was 33 for this quarter, up from 26 sales when compared to last year’s first quarter.

The average sales price of a 1-3 family home in Bushwick / Wyckoff Heights during the first quarter of 2016 increased 33 percent to $912,000, compared to the first quarter of last year.  The number of sales in Bushwick / Wyckoff Heights was 74 in the first quarter of 2016, dropping from 106 sales in the first quarter of last year. 

Queens Neighborhood Highlights

The Astoria condominium market during the first quarter of 2016 had 29 condominium sales, an increase from the 14 recorded sales in the first quarter of last year.  The average price of a condominium in Astoria was $595,000, a seven percent decrease from the first quarter of 2015.

The number of 1-3 family home sales in Richmond Hill / South Ozone Park / Woodhaven increased to from 279 to 344 year-over-year, which registered as the most 1-3 family home sales for a Queens neighborhood in the first quarter of 2016.  The average sales price of a 1-3 family home in Richmond Hill / South Ozone Park / Woodhaven increased nine percent to $487,000 in the first quarter of 2016 compared to the first quarter of 2015. 

Bronx Neighborhood Highlights

City Island / Pelham Bay / Pelham Strip / Country Club / Throggs Neck / Schuylerville had the most 1-3 family home sales in the Bronx this quarter with 125 sales, a 39 percent increase over the 90 sales in first quarter of 2015.  The average sales price of a 1-3 family dwelling in the area was $457,000, an increase of five percent compared to the first quarter of 2015.

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