The New York City residential sales market continued to post small, healthy increases in both average homes sales price and homes sales volume in the first quarter of 2016 compared to last year’s first quarter. The most significant percentage increases in residential sales volume occurred in the Bronx and Staten Island, driven by the sale of one-to-three family dwellings. The sale of one-to-three family dwellings in both boroughs has been on a relative upward trajectory over the last five years since the start of 2011.
The average sales price of an NYC home (cooperatives, condominiums, and one-to-three-family dwellings) increased one percent to $911,000 compared to $898,000 in last year’s first quarter, despite average home sale price increases of five and eight percent in Manhattan and Brooklyn respectively. Declines in sales volume in Manhattan and Brooklyn, whose average home sale prices are the highest in the city, combined with increasing sales in the Bronx, Staten Island and Queens, whose average home sale prices are considerably lower, moderated average home sales price growth.
The middle segment of the market continued to see average sales price increases despite weak national economic data. The middle 50 percent of the market had an average sales price of $584,281, which was 4.5 percent greater than the first quarter of last year. Meanwhile, the top 10 percent of the market had an average sales price of $3,760,000, which was eight percent lower than the first quarter of last year.
The home sales markets in the Bronx, Staten Island and Queens had the largest gains this quarter, compared to the first quarter of 2015. Bronx homes sales rose to 989, a 35 percent increase compared to the last year’s first quarter total of 732. Staten Island home sales also increased 35 percent to 1,195, compared to 885 last year. Similarly, home sales in Queens increased six percent to 3,784 from 3,581 in the first quarter of last year.
While Brooklyn sales volume decreased by four percent to 2,806, average home sale prices posted the greatest increase of all the boroughs this quarter and compared to last year. The average sales price of a home in Brooklyn during the first quarter of 2016 was $809,000, an eight percent increase over the first quarter of last year.
The total consideration for all residential sales in New York City during the first quarter of 2016 was $10.8 billion, up seven percent from the first quarter of last year.
Total consideration for Manhattan was $5.69 billion for the first quarter of 2016, up 2.8 percent from the first quarter of last year. In Brooklyn, the total consideration of residential sales was $2.27 billion, an increase of 3.8 percent compared to the first quarter of last year, while in Queens, the total consideration for home sales was $1.9 billion, an increase of 13.2 percent. In Staten Island, total consideration was $527 million, a 41 percent increase year-over-year. The total consideration for home sales in the Bronx was $374 million, an increase of 34 percent compared to the first quarter of last year.