Q4 2013 Residential Sales Report

The New York City Residential sales market maintained high levels of activity and average prices during the fourth quarter of 2013. The number of homes sold during the fourth quarter of 2013 was 12,677, 31 percent higher than the fourth quarter of 2012. The average sales price of a NYC home slipped 2 percent to $760,000 from last year due to a higher percentage of sales occurring outside of Manhattan, where the average price of a home is substantially lower. The number of sales of homes over 10 million dollars increased by 1 from last year’s fourth quarter to 31.

The total consideration for all residential sales in New York City during the fourth quarter of 2013 was $9.6 billion, up 29 percent from the fourth quarter of last year.

Total consideration for Manhattan was $5.3 billion for the fourth quarter of 2013, up 20 percent from the fourth quarter of last year. In Brooklyn, the total consideration of residential sales was $1.9 billion. The total consideration for residential sales in Brooklyn was an increase of 38 percent over the fourth quarter of last year.

This was another quarter where residential sales activity was focused on the sale of 1-3 family homes and coop sales in Brooklyn and Queens, not just the Manhattan apartment market and prime Brooklyn areas. The number of sales of both Brooklyn and Queens of 1-3 family homes and coops were tremendous compared to the fourth quarter of last year. The number of Brooklyn 1-3 family homes increased 34 percent to 1,739, while in Queens sales increased 31 percent to 2,333. There was a 41 percent increase in the sale of Brooklyn coops to 716 and a 62 percent increase in Queens coops to 1,349.