The New York City residential sales market registered a 19 percent rise in citywide consideration (monetary value for completed transactions) totaling $13.4 billion in the second quarter of 2017, compared with the second quarter of 2016.
The average sales price for a home (cooperatives, condominiums, and one-to-three-family dwellings) in New York City rose three percent year-over-year to $1,050,000 in the second quarter of 2017.
New records were set for condo average sales prices in Brooklyn and Queens, for the coop average sales price in Queens, and for one-to-three family dwelling average sales prices in Brooklyn and Staten Island.
The average sales price for a condominium in Manhattan was $3,023,000 this quarter, a six percent increase year-over-year due to strong demand in the middle and lower third of the market. The median price of a New York City home increased eight percent to $630,000 in the second quarter of 2017, signaling again 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 a striking 15 percent from the second quarter of last year to 12,721. The total number of home sales rose 17 percent to 3,984 in Queens; six percent to 3,268 in Manhattan; and 15 percent to 3,034 in Brooklyn.
Total residential sales consideration also increased in each borough, and with considerable increases outside of Manhattan. Year-over-year, total consideration increased eight percent to $7.02 billion in Manhattan; 37 percent to $2.97 billion in Brooklyn; 28 percent to $2.24 billion in Queens; 25 percent to $426 million in the Bronx; and 54 percent to $703 million in Staten Island.