NYC Residential Sales Reports

Q4 2014 Residential Sales Report

REBNY Press

January 12, 2015

The New York City residential sales market again experienced rising prices but weakening sales volume in the fourth quarter of 2014. The average sales price of a NYC home increased 11 percent to $841,000 compared to last year’s fourth quarter of $760,000 driven by large price increases in Manhattan and Brooklyn. The number of sales in the fourth quarter fell by 8 percent though to 11,699. The biggest price gains were in the Manhattan condo segment of the market. The average price of a Manhattan condo increased 37 percent over last year’s fourth quarter to $2,338,000, but the number of sales fell 11 percent. This large average price increase is partly attributable to closings at 157 West 57th Street where 9 sales over twenty million dollars were recorded during the quarter. The Brooklyn Condo and 1-3 family home markets also saw strong average price increases of 13 percent and 17 percent respectively, but saw sales volumes fall 10 percent and 7 percent respectively.

The total consideration for all residential sales in New York City during the fourth quarter of 2014 was $9.8 billion, up 2 percent from the fourth quarter of last year.

Total consideration for Manhattan was $5.3 billion for the fourth quarter of 2014, up 1 percent from the fourth quarter of last year. In Brooklyn, the total consideration of residential sales was $1.9 billion, an increase of 4.3 percent compared to the fourth quarter of last year.