The New York City Residential sales market strengthened in the second quarter of 2014. The number of homes sold during the second quarter of 2014 was 10,722, 2 percent higher than the second quarter of 2013. The average sales price of a NYC home increased 6 percent compared to last year’s second quarter to $826,000 driven by average price increases in Manhattan and Brooklyn. The strongest growth occurred in the Brooklyn 1-3 Family Home market where prices increased 21 percent and sales volume increased 18 percent compared to the second quarter of 2013.
Residential sales activity this quarter also got a large boost from the Queens 1-3 family and coop markets. Sales of Queens 1-3 family homes were up 9 percent with a 6 percent increase in average price year on year. Queens coop sales were up 15 percent with a 5 percent increase in average price. The Bronx also showed improvement with a 14 percent increase in the sale of 1-3 homes and an average price increase of about 1 percent.
The total consideration for all residential sales in New York City during the second quarter of 2014 was $8.9 billion, up 6 percent from the second quarter of last year.
Total consideration for Manhattan was $4.9 billion for the second quarter of 2014, up 8.3 percent from the second quarter of last year. In Brooklyn, the total consideration of residential sales was $1.9 billion, an increase of 13.5 percent compared to the second quarter of last year.