The New York City residential sales market posted a 15 percent rise in citywide consideration (monetary value for completed transactions) totaling $12.3 billion in the first quarter of 2017, compared with the first quarter of 2016.
Total residential sales consideration increased cumulatively and in each of the five boroughs due to strong average sales prices and sales volume.
The average sales price for a home (cooperatives, condominiums, and one-to-three-family dwellings) in New York City rose 12 percent year-over-year to $1,022,000 in the first quarter of 2017.
The average sales prices for a condominium in Manhattan, Brooklyn, and Queens hit new records this quarter rising 27 percent year-over-year to $3,032,000; 39 percent to $1,138,000; and six percent to $602,000, respectively. Manhattan’s year-over-year surge was pushed by sales at the very high end of the market. However, the median price of a New York City home increased seven percent to $600,000 in the first quarter of 2017, signaling that the demand for New York City homes is not only at the upper end of the market.
Home sales volume increased year-over-year citywide. The number of sales for all homes in the City rose two percent from the first quarter of last year to 12,112 with Brooklyn experiencing the greatest increase in sales at four percent with 2,905 sales, and Queens posting the greatest volume with 3,789 sales.