Q2 2014 Residential Sales Report

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.