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.