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2nd Quarter 2015 New York City Residential Sales Report
July 9, 2015
The New York City residential sales market posted higher average sales prices along with increased sales in the second quarter of 2015 compared to the second quarter of 2014.
The average sales price of a NYC home increased 12 percent to $923,000 compared to last year’s second quarter of $826,000 driven by a large average price increase in Manhattan as well as substantial average price increases in the other boroughs.
NYC homes sales increased by 5 percent over last year’s second quarter to reach a total of 11,262.
The Manhattan condo segment of the market again had the largest effect on the overall NYC home average sales price. The average price of a Manhattan condo increased 31 percent over last year’s second quarter to $2,353,000 with the number of sales increasing 2 percent. This large average price increase is again partly attributable to more closings at 157 West 57th Street where 6 sales over twenty million dollars were recorded during the quarter, including one over ninety million dollars.
The average Manhattan condo sales price in the quarter without the 157 West 57th sales was $2,143,000, still a 19 percent increase over the second quarter of last year.
The home sales markets in Brooklyn and Queens also had sizable average price increases of 9 percent. The two boroughs sales volumes though were more reserved compared to Manhattan, with increases of 1 percent and 5 percent respectively over the second quarter of last year.
The total consideration for all residential sales in New York City during the second quarter of 2015 was $10.4 billion, up 17 percent from the second quarter of last year.
Total consideration for Manhattan was $5.96 billion for the second quarter of 2015, up 20 percent from the second quarter of last year. In Brooklyn, the total consideration of residential sales was $2.16 billion, an increase of 10 percent compared to the second quarter of last year. The total consideration for Queens home sales was $1.6 billion, an increase of 15 percent compared to the second quarter of last year.
Manhattan neighborhoods with the most home sales this quarter were; the Upper East Side (686 sales), the Upper West Side (584), Midtown West (274), Midtown East (264), Gramercy/Kips Bay (213), and Murray Hill (192).
Brooklyn home sales activity was focused in Bedford Stuyvesant (183), Bay Ridge / Fort Hamilton (137), Park Slope (129), Borough Park (128), Gravesend / Mapleton (125), and Sheepshead Bay (113).
Queens neighborhoods with the most home sales were; Rego Park/Forest Hills/Kew Gardens (378), Flushing (325), Jackson Heights/Elmhurst (286), Springfield Gardens/Jamaica/ South Jamaica/Baisley Park (275), Richmond Hill/ South Ozone Park/Woodhaven (268), Briarwood/Jamaica Hills/Hillcrest (173).
Bronx neighborhoods with most residential home sales this quarter were Riverdale/Fieldston (121), Parkchester/Westchester Square/ Castle Hill/Soundview (119), City Island/Pelham Bay/Pelham Strip/Country Club/Throgs Neck/Schuylerville (103), and Woodlawn/Williamsbridge (88).