The New York City residential sales market started to face some resistance in the second quarter of 2016. While the average sales price of all homes in the city increased – reaching a new, all-time high since the Real Estate Board of New York (REBNY) began tracking home sales data in 2006 – and average sales prices for a home in each of the five boroughs rose year-over-year, sales volume started to weaken. The Bronx and Staten Island were the only boroughs to record increases in sales volume this quarter when compared to last year.
The average sales price of a New York City home (cooperatives, condominiums, and one-to-three-family dwellings) increased ten percent to $1,018,000 compared to $923,000 in the second quarter of 2015. Average price increases were posted by all the boroughs this quarter compared to last year’s second quarter, but recordings at some of Manhattan’s most expensive, new condominium buildings drove the average price to this all-time high average price for a home in New York City.
The middle segment of the market also marched higher again with the median sales price for a New York City home increasing seven percent to $582,000 and each borough registering increasing median prices compared to last year.
The home sales markets in the Bronx and Staten Island registered the only sales volume gains this quarter. Bronx homes sales rose to 889, a 22 percent increase compared to the last year’s second quarter total of 728. Similarly, home sales in Staten Island increased six percent to 1,027 compared to the second quarter of last year.
While homes sales in Brooklyn fell five percent compared to 2,642 last year, the average sales price of a home in Brooklyn rose five percent during the second quarter to $820,000. This increase wasn’t attributable to just one property type as condos, coops, and one-to-three family homes all posted gains in the average price this quarter.
The total consideration for all residential sales in New York City during the second quarter of 2016 was $11.2 billion, up eight percent from the second quarter of last year.