The New York City residential sales market started 2017 with robust activity and price growth in the first quarter of the year, according to the Real Estate Board of New York’s (REBNY) Residential Sales Report.
Citywide consideration (monetary value for completed transactions) for all home sales (cooperatives, condominiums, and one-to-three-family dwellings) rose 15 percent from the first quarter of 2016 to $12.3 billion in the first quarter of 2017. Residential sales consideration increased in each of the five boroughs during this time period due to rising average home sales prices and volume.
The average sales price for a New York City home rose 12 percent year-over-year to $1,022,000. The 19 percent increase in the average sales price for a New York City condominium to $1,949,000 in the first quarter of 2017 was driven by condo price growth in all five boroughs with new records set at $3,032,000 in Manhattan, a 27 percent increase; $1,138,000 in Brooklyn, a 39 percent surge; and $602,000 in Queens, a six percent rise from the last year’s first quarter.
While Manhattan’s condo average sales price was pushed by sales at the very high end of the market, the median sales price of a New York City home increased seven percent to $600,000 in the first quarter of 2017 signaling that the demand for New York City homes is not only at the upper end of the market.
“2017 is off to a strong start following the tempered fourth quarter of 2016,” said John Banks, REBNY President. “The report shows improving market momentum with continued demand for all home types throughout the boroughs.”
Citywide home sales volume increased year-over-year rising two percent to 12,112 sales. Brooklyn experienced the greatest increase, a four percent rise to 2,905 home sales, while Queens posted greatest volume with 3,789 home sales in the first quarter of 2017.
ADDITIONAL HIGHLIGHTS FROM REBNY’S FIRST QUARTER 2017 NEW YORK CITY RESIDENTIAL SALES REPORT:
- The average sales price of a one-to-three family dwelling in New York City increased nine percent year-over-year to $776,000 in the first quarter of 2017. The average sales price of a cooperative unit in New York City was $711,000, a two percent decline from last year’s first quarter average.
- In Williamsburg, the average sales price of a condo rose 30 percent to $1,202,000 compared to the first quarter of 2016. The number of condo sales in the Brooklyn neighborhood surged 92 percent year-over-year to 169 sales. Closings at 429 Kent Avenue, a new development, accounted for 61 of these sales in the first quarter of 2017.
- The average sales price for a Manhattan condominium in Midtown East increased 36 percent from last year’s first quarter average to $2,995,000. The number of condo sales in this neighborhood was 118, a 20 percent rise year-over-year.
- Flushing recorded the most condominium activity in Queens this quarter with 151 sales, more than double the number in the first quarter of 2016. The average sales price of a condominium in Flushing was $709,000, a 26 percent increase year-over-year.
- Staten Island’s Great Kills neighborhood posted 123 one-to-three family dwelling sales in the first quarter of 2017, a 19 percent rise from the first quarter of 2016. The average sales price for a one-to-three family dwelling in the area increased nine percent to $510,000.
REBNY’s New York City Residential Sales Report is the most comprehensive quarterly review of recorded transactions and includes data from all five boroughs.