The New York City residential sales market saw rising prices but diminishing sales volume in the third quarter of 2014. The average sales price of a NYC home increased 13 percent to $910,000 compared to last year’s third quarter of $806,000 driven by large price increases in Manhattan and increases in both Brooklyn and Queens. The number of sales in the third quarter fell by 15 percent though to 11,954. The biggest price gains were in the Manhattan condo segment of the market. The average price of a Manhattan condo increased 29 percent over last year’s third quarter, but the number of sales fell 20 percent. The Manhattan coop and Brooklyn 1-3 family home markets also saw strong average price increases of 14 percent and 13 percent respectively, but saw sales volumes fall 20 percent and 17 percent respectively. Similarly, the average price of a Queens 1-3 family home was up 7 percent to $571,000, but sales fell year on year by 15 percent to 2,045.
The total consideration for all residential sales in New York City during the third quarter of 2014 was $10.9 billion, down 4 percent from the third quarter of last year.
Total consideration for Manhattan was $6.6 billion for the third quarter of 2014, down 1.3 percent from the third quarter of last year.In Brooklyn, the total consideration of residential sales was $2.0 billion, a decrease of 11.0 percent compared to the third quarter of last year.