2nd Quarter 2016 New York City Residential Sales Report

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Executive Summary

The New York City residential sales market started to face some resistance in the second quarter of 2016.  While the average sales price of all homes in the city increased – reaching a new, all-time high since the Real Estate Board of New York (REBNY) began tracking home sales data in 2006  – and average sales prices for a home in each of the five boroughs rose year-over-year, sales volume started to weaken.  The Bronx and Staten Island were the only boroughs to record increases in sales volume this quarter when compared to last year.  

The average sales price of a New York City home (cooperatives, condominiums, and one-to-three-family dwellings) increased ten percent to $1,018,000 compared to $923,000 in the second quarter of 2015. Average price increases were posted by all the boroughs this quarter compared to last year’s second quarter, but recordings at some of Manhattan’s most expensive, new condominium buildings drove the average price to this all-time high average price for a home in New York City.

The middle segment of the market also marched higher again with the median sales price for a New York City home increasing seven percent to $582,000 and each borough registering increasing median prices compared to last year.

The home sales markets in the Bronx and Staten Island registered the only sales volume gains this quarter.  Bronx homes sales rose to 889, a 22 percent increase compared to the last year’s second quarter total of 728. Similarly, home sales in Staten Island increased six percent to 1,027 compared to the second quarter of last year.

While homes sales in Brooklyn fell five percent compared to 2,642 last year, the average sales price of a home in Brooklyn rose five percent during the second quarter to $820,000.  This increase wasn’t attributable to just one property type as condos, coops, and one-to-three family homes all posted gains in the average price this quarter. 

The total consideration for all residential sales in New York City during the second quarter of 2016 was $11.2 billion, up eight percent from the second quarter of last year.

Total consideration for Manhattan was $6.52 billion for the second quarter of 2016, up 9.4 percent from the second quarter of last year.  In Brooklyn, the total consideration for residential sales was $2.17 billion, an increase of less than one percent compared to the second quarter of last year, while in Queens the total consideration for home sales was $1.74 billion, an increase of 9 percent. The total consideration for home sales in the Bronx was $340 million, an increase of 28.4 percent compared to the second quarter of last year.  In Staten Island, the total consideration for homes sales was $456 million, a 12.1 percent increase year-over-year.

All Homes

The average sales price of a home in New York City during the second quarter of 2016 was $1,018,000, a ten percent increase from the second quarter of last year.  The average sales price of a home in Manhattan increased 20 percent from last year’s second quarter to $2,118,000.  When compared to the second quarter of 2015, average sales price of a home in: Brooklyn rose by five percent to $820,000; Queens grew nine percent to $514,000; in the Bronx increased five percent to $382,000; and in Staten Island rose six percent to $444,000, since the second quarter of last year.

Condominiums

The average sales price of a condominium unit in New York City increased 23 percent in the second quarter of 2016 from the second quarter of 2015 to $1,945,000.  The average sales price of a condo in Manhattan during the quarter was $2,843,000, a 21 percent increase over the year, while the Brooklyn average sales price increased nine percent to $923,000.  The average sales price for a condominium unit in Queens was $535,000 this quarter, an eight percent increase from last year’s second quarter average. 

Cooperatives

The average sales price of a cooperative unit in New York City during the second quarter of 2016 was $742,000, down six percent from last year’s second quarter average.  When compared to the second quarter of 2015, the average sales price of a coop in Manhattan decreased one percent to $1,235,000.  Brooklyn saw a seven percent increase in the average coop sales price, rising to $464,000 since the second quarter of 2015, while the average sales price of a coop in Queens rose five percent to $262,000.  The average sales price of a coop unit in the Bronx decreased seven percent to $236,000 since last year’s second quarter.

One-to-Three Family Dwellings

The average sales price of a one-to-three family dwelling in New York City during the second quarter of 2016 increased two percent from last year’s second quarter average to $702,000.  The Brooklyn average sales price for a one-to-three family home was $900,000, up two percent from the second quarter of 2015.  The average sales price in Queens rose by nine percent to $630,000 compared to last year’s second quarter, while the average sales price in the Bronx increased eight percent to $444,000.  The average sales price of a one-to-three family home in Staten Island was $472,000 in the second quarter of 2015, an increase of eight percent from the average price during the second quarter of last year. 

Manhattan Neighborhood Highlights

In the second quarter of 2016, the average sales price of a condominium in Midtown East nearly doubled to $4,929,000 compared to the second quarter of last year.  The number of condo sales in Midtown East was 127, a 27 percent increase from this quarter last year.  This large price increase was largely due to recordings of sales at 432 Park Avenue, where the 19 recordings this quarter averaged $19.3 million.

There was a large pullback in the coop market in Manhattan in the second quarter of 2015.  The Upper East Side for instance had 368 coop sales during the quarter. This is a drop of 27 percent compared to 505 coop sales in the second quarter of 2015.  The average price of a coop on the Upper East Side remained consistent, increased only slightly to $1,721,000.

Brooklyn Neighborhood Highlights

The Williamsburg condo market surged in activity during the second quarter of 2016 rising 43 percent to 120 sales compared to the second quarter of 2015.  In contrast, the average sales price for a condo in Williamsburg fell 13 percent to $937,000.

The average sales price of a one-to-three family home in Bushwick / Wyckoff Heights during the second quarter of 2016 increased 23 percent to $929,000, compared to the second quarter of last year.  The number of sales in Bushwick / Wyckoff Heights was 84 in the second quarter of 2016, dropping 18 percent from 102 sales in the second quarter of last year. 

Queens Neighborhood Highlights

The average price of a condominium in Jackson Heights rose 14 percent year-over-year to $407,000, while registering 40 condo sales in the second quarter of 2016, an increase from the 38 recorded sales in the second quarter of last year. 

The average sales price of a one-to-three family home in Flushing increased nine percent to $873,000 with sales activity rising by one sale to 139 in the second quarter of 2016 compared to the second quarter of 2015. 

Bronx Neighborhood Highlights

Parkchester / Westchester Square / Castle Hill / Soundview had 112 one-to-three family home sales this quarter, a 33 percent increase over the 84 sales in second quarter of 2015.  The average sales price of a one-to-three family dwelling in the area was $428,000, an increase of eleven percent compared to the second quarter of 2015.

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