Q1 2014 Residential Sales Report

The New York City Residential sales market remained strong in the first quarter of 2014. The number of homes sold during the first quarter of 2014 was 10,391, 4 percent higher than the first quarter of 2013. The average sales price of a NYC home decreased slightly by less than 1 percent compared to last year’s first quarter to $801,000 due to fewer sales in Manhattan compared to last year. Looking at individual market segments though, this quarter had very robust price gains. Manhattan recorded all time high condo and coop average sales prices, Brooklyn had record condo and 1-3 family home average sales prices, average sales prices of 1-3 family homes, coops, and condos all increased year over year in Queens, and the average 1-3 family home sales price increased in the Bronx over the first quarter of last year.

The total consideration for all residential sales in New York City during the first quarter of 2014 was $8.3 billion, up 3 percent from the first quarter of last year.

Total consideration for Manhattan was $4.6 billion for the first quarter of 2014, down 3 percent from the first quarter of last year. In Brooklyn, the total consideration of residential sales was $1.7 billion. The total consideration for residential sales in Brooklyn was an increase of 6 percent over the first quarter of last year.

Residential sales activity this quarter again was not contained to just the Manhattan apartment market and prime Brooklyn areas. Queens and Staten Island had the most growth in sales year on year. The number of sales of Queens apartments increased 23 percent compared to the first quarter of 2013 to 1,403 and 1-3 family sales increased 6 percent over the same period to 1,917. The number of Staten Island 1-3 family homes sales increased 21 percent over last year’s first quarter to 881.