4th Quarter 2016 New York City Residential Sales Report

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Executive Summary

The New York City residential sales market posted an eight percent rise in citywide consideration (monetary value for completed transactions) totaling $11 billion in the fourth quarter of 2016, compared with the fourth quarter of 2015.

The average sales price for a home (cooperatives, condominiums, and one-to-three-family dwellings) in New York City rose 10 percent year-over-year to $924,000 in the fourth quarter of 2016. 

The average sales price for a condominium in Manhattan reached a peak of $2,963,000 this quarter, a 36 percent increase year-over-year pushed up by sales at the very high end of the market.  However, the median price of a New York City home increased six percent to $575,000 in the fourth quarter of 2016, signaling that the demand for New York City homes is not only at the upper end of the market. 

Home sales volume decreased year-over-year citywide and in each of the largest boroughs. The number of sales for all homes in the City slipped two percent from the fourth quarter of last year to 11,837.  The total number of home sales in Manhattan fell eight percent to 2,801; one percent to 2,703 in Brooklyn; and five percent to 3,908 in Queens.

Despite the drop in sales, total residential sales consideration increased cumulatively and in each borough due to strong average sales prices.  Year-over-year, total consideration increased nine percent to $5.5 billion in Manhattan; seven percent to $2.3 billion in Brooklyn; two percent to $2.1 billion in Queens; 19 percent to $388.4 million in the Bronx; and 23 percent to $700.4 million in Staten Island.

All Homes

The average sales price of a home in New York City during the fourth quarter of 2016 was $924,000, a ten percent increase from the fourth quarter of 2015.  The average sales price of a home in Manhattan increased 17 percent from last year’s fourth quarter to $1,931,000.  When compared to the fourth quarter of last year, the average sales price of a home in Brooklyn rose by seven percent to $858,000; in Queens, grew by seven percent to $535,000; in the Bronx, increased six percent to $395,000; and in Staten Island, rose by ten percent to $486,000.

Condominiums

The average sales price of a condominium unit in New York City increased 25 percent from the fourth quarter of 2015 to $1,837,000 in the fourth quarter of 2016.  The average sales price of a condo in Manhattan reached a peak of $2,963,000, registering a 36 percent increase over the year, while the Brooklyn average sales price for a condo increased twelve percent to $983,000.  The average sales price for a condo unit in Queens was $535,000 this quarter, a two percent increase from last year’s fourth quarter average. 

Cooperatives

The average sales price of a cooperative unit in New York City during the fourth quarter of 2016 was $705,000, down five percent from last year’s fourth quarter average.  When compared to the fourth quarter of 2015, the average sales price of a coop in Manhattan and Brooklyn also decreased five percent to $1,170,000 and $465,000, respectively.  The average sales price of a coop in Queens rose seven percent to $276,000, while the average sales price of a coop in the Bronx decreased two percent to $239,000 from last year’s fourth quarter.

One-to-Three Family Dwellings

The average sales price of a one-to-three family dwelling in New York City during the fourth quarter of 2016 increased to $719,000, up five percent from last year’s fourth quarter average.  The Brooklyn average sales price for a one-to-three family home was $955,000, up seven percent from the fourth quarter of 2015, while the average sales price in Queens rose by eight percent to $667,000. The average sales price for a one-to-three family dwelling increased seven percent to $458,000 in the Bronx and ten percent to $512,000 in Staten Island.

Manhattan Neighborhood Highlights

In the fourth quarter of 2016, the average sales price of a condominium in Midtown East increased by more than three times to $6,266,000 compared to the fourth quarter of 2015.  This steep average price increase was largely driven by sales at 432 Park Avenue where there were 15 sales recorded this quarter that averaged $23.6 million. The number of condo sales in Midtown East was 67, a 52 percent increase from this quarter last year. 

Sales of cooperative units fell in Manhattan this quarter with sales on the Upper East Side declining 17 percent to 417 compared to 503 in the fourth quarter of 2015. The average sales price of a coop unit on the Upper East Side decreased two percent to $1,591,000.

Brooklyn Neighborhood Highlights

The average sales price of a Williamsburg condo increased 18 percent this quarter to $1,193,000 compared to the fourth quarter of 2015.  The number of condo sales in the neighborhood increased 87 percent to 140 sales year-over-year.   Closings at a new development, 429 Kent Avenue, accounted for 72 of these sales. 

In Bedford Stuyvesant, the average sales price of a one-to-three family home increased 24 percent to $1,201,000 compared to the fourth quarter of last year.  Year-over-year, the number of sales in Bedford Stuyvesant dropped 25 percent to 100 sales.

Queens Neighborhood Highlights

Flushing recorded the most condominium activity in Queens this quarter with 68 sales, an increase of ten percent from the fourth quarter of 2015.  The average sales price of a condominium in Flushing was $537,000, a two percent increase year-over-year.

Rego Park / Forest Hills / Kew Gardens had 323 cooperative unit sales in the fourth quarter of 2016, a five percent increase from the fourth quarter of last year and the most coop sales recorded in any area in of Queens this quarter.  The average sales price of a cooperative unit in Rego Park / Forest Hills / Kew Gardens was $292,000, a six percent increase from the fourth quarter of last year.

The number of one-to-three family home sales in Richmond Hill / South Ozone Park / Woodhaven decreased two percent to 318 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 eleven percent to $528,000.

Bronx Neighborhood Highlights

City Island / Pelham Bay / Pelham Strip / Country Club / Throgs Neck / Schuylerville registered 127 one-to-three family home sales this quarter, which was a five percent increase from the fourth  quarter of 2015.  The average sales price of a one-to-three family dwelling in the area was $479,000, an increase of three percent year-over-year.

There were 119 one-to-three family home sales in Woodlawn / Williamsbridge this quarter, a 37 percent increase year-over-year. The average sales price of a one-to-three family dwelling in the area was $424,000, an increase of 10 percent from the fourth quarter of 2015.  

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View the press release.