3rd Quarter 2017 New York City Residential Sales Report

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EXECUTIVE SUMMARY

The New York City residential sales market recorded a one percent decrease in citywide consideration (monetary value for completed transactions) totaling $13.5 billion in the third quarter of 2017, compared with the third quarter of 2016.

The average sales price for a home (cooperatives, condominiums, and one-to-three family dwellings) in New York City rose one percent year-over-year to $987,000 in the third quarter of 2017.

New records were set for coop average sales prices in Manhattan, Brooklyn, and Queens; for the condo average sales price in Queens; and for one-to-three family dwelling average sales prices in Brooklyn, Queens, and Staten Island.

The average sales price for a condominium in Manhattan eased off all-time highs to $2,524,000 this quarter, a 14 percent decrease year-over-year due to fewer recordings of sales in top tier new developments.

The median price of a New York City home increased 12 percent to $650,000 in the third quarter of 2017, demonstrating that the demand for New York City homes remains broad-based.

Home sales volume decreased slightly year-over-year citywide. The number of sales for all homes in the City slipped two percent from the third quarter of last year to 13,636. The total number of home sales fell one percent to 3,604 in Manhattan; three percent to 3,152 in Brooklyn; and less than one percent to 4,287 in Queens.

Meanwhile, total residential sales consideration increased in each borough except Manhattan. Total residential sales consideration increased five percent to $3.05 billion in Brooklyn; 13 percent to $2.55 billion in Queens; eight percent to $448 million in the Bronx; and three percent to $787 million in Staten Island. Year-over-year, total consideration decreased nine percent to $6.63 billion in Manhattan.

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View the press release.