In the third quarter of 2016, the New York City residential sales market posted a new all-time high in citywide total consideration (monetary value for completed transactions) at $13.6 billion, a 15 percent rise from the third quarter of 2015.
Bouncing back from a lukewarm second quarter 2016, the average sales prices for a home (cooperatives, condominiums, and one-to-three-family dwellings) in Brooklyn, Queens and the Bronx also set new records since the Real Estate Board of New York (REBNY) began tracking home sales data in 2006. The average sales price for a home hit $891,000 in Brooklyn; $523,000 in Queens; and $400,000 in the Bronx.
The average sales price for a condominium in Manhattan also hit a new record of $2,952,000 driven by sales in high-priced, new developments.
The average sales price of a New York City home increased eleven percent to $981,000 in the third quarter of 2016 compared to $888,000 in the third quarter of 2015. All five boroughs individually posted year-over-year increases in the average sales price for a home.
Demonstrating the breadth of demand for New York City homes, the median sales price for a home also increased in the all the boroughs this quarter compared to last year. The median price for a home in New York City increased four percent to $580,000.
Home sales volume increased year-over-year in each borough, except for Manhattan with the total number of New York City homes sales registering at 13,899 in the third quarter of 2016, a four percent rise from last year. The total number of home sales transactions rose two percent to 3,257 in Brooklyn; seven percent to 4,303 in Queens; 13 percent to 1,034 in the Bronx; and 32 percent to 1,647 in Staten Island. Manhattan posted 3,658 sales, a six percent decrease from the third quarter of 2015.
New records for total residential sales consideration were also set for both Manhattan and Brooklyn in the third quarter of 2016. Year-over-year, total consideration increased 16 percent to $7.31 billion in Manhattan and 11 percent to $2.90 billion in Brooklyn. Total residential sales consideration rose 12 percent to $2.25 billion in Queens; 16 percent to $413.9 million in the Bronx; and 41 percent to $767.3 million in Staten Island in the third quarter of 2016 compared to last year’s third quarter.