1st Quarter 2017 New York City Residential Sales Report

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EXECUTIVE SUMMARY

The New York City residential sales market posted a 15 percent rise in citywide consideration (monetary value for completed transactions) totaling $12.3 billion in the first quarter of 2017, compared with the first quarter of 2016.

Total residential sales consideration increased cumulatively and in each of the five boroughs due to strong average sales prices and sales volume.

The average sales price for a home (cooperatives, condominiums, and one-to-three-family dwellings) in New York City rose 12 percent year-over-year to $1,022,000 in the first quarter of 2017. 

The average sales prices for a condominium in Manhattan, Brooklyn, and Queens hit new records this quarter rising 27 percent year-over-year to $3,032,000; 39 percent to $1,138,000; and six percent to $602,000, respectively. Manhattan’s year-over-year surge was pushed by sales at the very high end of the market. However, the median price of a New York City home increased seven percent to $600,000 in the first quarter of 2017, signaling that the demand for New York City homes is not only at the upper end of the market. 

Home sales volume increased year-over-year citywide. The number of sales for all homes in the City rose two percent from the first quarter of last year to 12,112 with Brooklyn experiencing the greatest increase in sales at four percent with 2,905 sales, and Queens posting the greatest volume with 3,789 sales.

All Homes

The average sales price for a home in the first quarter of 2017 increased across all boroughs when compared to the first quarter of 2016. Manhattan and Brooklyn led the way with 15 percent increases year-over-year.

Condominiums

The average sales price for a condominium unit in New York City increased 19 percent to $1,949,000 in the first quarter of 2017 from $1,639,000 in the first quarter of 2016. This rise was greatly influenced by the 39 percent surge in the average sales price for a condo in Brooklyn. The new Brooklyn record $1,138,000 average sales price for a condo was largely due to several high priced sales at the Pierhouse development at Brooklyn Bridge Park. Nine more condominiums, priced at over $10 million dollars each, were sold in Manhattan in the first quarter of 2017 compared to the first quarter of 2016, increasing to 36 from 27. The average sales price for a condo unit in Queens was $602,000 this quarter; a new record high for the borough.

Cooperatives

The average sales price of a cooperative unit in New York City during the first quarter of 2017 was $711,000, down two percent from last year’s first quarter average.  When compared to the first quarter of 2016, the average sales price of a coop in Manhattan and Brooklyn decreased four percent, the Bronx remained flat, and the Queens average coop sales price rose five percent.

One-to-Three Family Dwellings

The average sales price of a one-to-three family dwelling in New York City during the first quarter of 2017 increased nine percent from last year’s first quarter average to $776,000.

Bronx Neighborhood Highlights

Parkchester / Westchester Square / Castle Hill / Soundview registered 109 one-to-three family home sales this quarter, which is a four percent increase from the first quarter of 2016. The average sales price of a one-to-three family dwelling in the area was $455,000, an increase of four percent year-over-year.

There were 108 one-to-three family home sales in City Island / Pelham Bay / Pelham Strip  / Country Club / Throgs Neck / Schuylerville this quarter, a 14 percent decrease year-over-year. The average sales price of a one-to-three family dwelling in the area was $482,000, an increase of six percent from the first quarter of 2016.

Brooklyn Neighborhood Highlights

The average sales price of a Williamsburg condo increased 30 percent this quarter to $1,202,000 compared to the first quarter of 2016. The number of condo sales in the neighborhood increased 92 percent year-over-year to 169 sales. Closings at a new development, 429 Kent Avenue, accounted for 61 of these sales. 

In Bedford Stuyvesant, the average sales price of a one-to-three family home increased 10 percent to $1,185,000 compared to the first quarter of last year. Year-over-year, the number of sales in Bedford Stuyvesant increased four percent to 117 sales.

Manhattan Neighborhood Highlights

In the first quarter of 2017, the average sales price of a condominium in Midtown East increased 36 percent to $2,995,000 compared to the first quarter of 2016.  The number of condo sales in Midtown East was 118, a 20 percent increase from this quarter last year. 

Sales of cooperative units rose in Manhattan this quarter with sales on the Upper West Side increasing six percent to 326 compared to 309 in the first quarter of 2016. The average sales price of a coop unit on the Upper West Side decreased twelve percent to $1,311,000.

Queens Neighborhood Highlights

Flushing recorded the most condominium activity in Queens this quarter with 151 sales, more than double the number in the first quarter of 2016. The average sales price of a condominium in Flushing was $709,000, a 26 percent increase year-over-year.

Rego Park / Forest Hills / Kew Gardens had 311 cooperative unit sales in the first quarter of 2017, a seven percent increase from the first quarter of last year.  The average sales price of a cooperative unit in Rego Park / Forest Hills / Kew Gardens was $296,000, a nine percent increase from the first quarter of last year.

The number of one-to-three family home sales in Springfield Gardens/Jamaica/ South Jamaica/Baisley Park increased 14 percent to 285 sales this quarter compared to last year. Year-over-year, the average sales price of a one-to-three family home in the area increased five percent to $433,000.

Staten Island Neighborhood Highlights

The average sales price for a home in Staten Island rose 10 percent from the first quarter of 2016 to $517,000 in the first quarter of 2017. The total number of home sales in Staten Island rose 26 percent to 1,290.

Great Kills posted 123 one-to-three family home sales, an increase of 19 percent year-over-year, while the average sales price for a one-to-three family home in the area rose nine percent to $510,000.

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