3rd Quarter 2016 New York City Residential Sales Report

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Executive Summary

In the third quarter of 2016, the New York City residential sales market posted a new all-time high in citywide total consideration (monetary value for completed transactions) at $13.6 billion, a 15 percent rise from the third quarter of 2015.

Bouncing back from a lukewarm second quarter 2016, the average sales prices for a home (cooperatives, condominiums, and one-to-three-family dwellings) in Brooklyn, Queens and the Bronx also set new records since the Real Estate Board of New York (REBNY) began tracking home sales data in 2006. The average sales price for a home hit $891,000 in Brooklyn; $523,000 in Queens; and $400,000 in the Bronx.

The average sales price for a condominium in Manhattan also hit a new record of $2,952,000 driven by sales in high-priced, new developments.

The average sales price of a New York City home increased eleven percent to $981,000 in the third quarter of 2016 compared to $888,000 in the third quarter of 2015. All five boroughs individually posted year-over-year increases in the average sales price for a home.

Demonstrating the breadth of demand for New York City homes, the median sales price for a home also increased in the all the boroughs this quarter compared to last year. The median price for a home in New York City increased four percent to $580,000. 

Home sales volume increased year-over-year in each borough, except for Manhattan with the total number of New York City homes sales registering at 13,899 in the third quarter of 2016, a four percent rise from last year.  The total number of home sales transactions rose two percent to 3,257 in Brooklyn; seven percent to 4,303 in Queens; 13 percent to 1,034 in the Bronx; and 32 percent to 1,647 in Staten Island.  Manhattan posted 3,658 sales, a six percent decrease from the third quarter of 2015.

New records for total residential sales consideration were also set for both Manhattan and Brooklyn in the third quarter of 2016. Year-over-year, total consideration increased 16 percent to $7.31 billion in Manhattan and 11 percent to $2.90 billion in Brooklyn.  Total residential sales consideration rose 12 percent to $2.25 billion in Queens; 16 percent to $413.9 million in the Bronx; and 41 percent to $767.3 million in Staten Island in the third quarter of 2016 compared to last year’s third quarter.

All Homes

The average sales price of a home in New York City during the third quarter of 2016 was $981,000, an 11 percent increase from the third quarter of 2015.  The average sales price of a home in Manhattan increased 24 percent from last year’s third quarter to $1,997,000.  When compared to the third quarter of last year, the average sales price of a home: in Brooklyn, rose by eight percent to $891,000; in Queens, grew by six percent to $523,000;  in the Bronx, increased three percent to $400,000; and in Staten Island, rose by seven percent to $466,000.

Condominiums

The average sales price of a condominium unit in New York City increased 31 percent to $1,918,000 in the third quarter of 2016 from $1,460,000 the third quarter of 2015.  The average sales price of a condo in Manhattan during the quarter was $2,952,000, a 44 percent increase over the year, while the Brooklyn average sales price increased 14 percent to $1,034,000.  The average sales price for a condominium unit in Queens was $568,000 this quarter, a 13 percent increase from last year’s third quarter average. 

Cooperatives

The average sales price of a cooperative unit in New York City during the third quarter of 2016 was $761,000, down two percent from last year’s third quarter average.  When compared to the third quarter of 2015, the average sales price of a coop in Manhattan increased two percent to $1,214,000.  Brooklyn saw a seven percent increase in the average coop sales price, rising to $535,000 from the third quarter of 2015, while the average sales price of a coop in Queens rose three percent to $266,000.  The average sales price of a coop unit in the Bronx decreased four percent to $239,000 from last year’s third quarter.

One-to-Three Family Dwellings

The average sales price of a one-to-three family dwelling in New York City during the third quarter of 2016 increased two percent from last year’s third quarter average to $731,000.  In Manhattan, the average sales price for a one-to-three family home rose three percent to $7,170,000. The Brooklyn average sales price for a one-to-three family home was $980,000, up six percent from the third quarter of 2015, while the average sales price in Queens rose by six percent to $647,000. The average sales price for a one-to-three family dwelling in the Bronx increased seven percent to $472,000 and eight percent to $494,000 in Staten Island.

Manhattan Neighborhood Highlights

In the third quarter of 2016, the average sales price of a condominium in Midtown East increased over three times to $6,795,000 compared to the third quarter of 2015.  The number of condo sales in Midtown East was 98, a nine percent increase from this quarter last year.  This steep average price increase was largely due to sales at 432 Park Avenue where there were 24 sales recorded this quarter that averaged $20.9 million.

Demand for cooperative units fell in Manhattan this quarter with sales on the Upper East Side declining 15 percent to 518 compared to 613 in the third quarter of 2015. The average price of a coop unit on the Upper East Side increased slightly to $1,501,000.

Brooklyn Neighborhood Highlights

The average price of a Williamsburg condo fell five percent this quarter to $969,000 compared to the third quarter of 2015.  The number of sales in the neighborhood increased 2 percent to 120 sales year-over-year.   

In Bedford Stuyvesant, the average sales price of a one-to-three family home increased 19 percent to $1,284,000 compared to the third quarter of last year.  Year-over-year, the number of sales in Bedford Stuyvesant dropped 29 percent to 106 sales.

Queens Neighborhood Highlights

Flushing recorded the most condominium sales in Queens this quarter tallying 86, an increase of 28 percent from the third quarter of 2015.  The average sales price of a condominium in Flushing was $518,000, a six percent increase year-over-year.

The number of one-to-three family home sales in Springfield Gardens / Jamaica / South Jamaica / Baisley Park increased 15 percent to 313 sales this quarter compared to last year. Year-over-year, the average sales price of a one-to-three family home in Springfield Gardens / Jamaica / South Jamaica / Baisley Park increased five percent to $406,000.

Bronx Neighborhood Highlights

City Island / Pelham Bay / Pelham Strip  / Country Club / Throgs Neck / Schuylerville registered 120 sales of one-to-three family home sales this quarter, a six percent decrease from the third quarter of 2015.  The average sales price of a one-to-three family dwelling in the area was $525,000, an increase of 14 percent year-over-year.

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View the press release.