NYC Residential Market Has Record Quarter
The New York City residential sales market strived during the third quarter, boasting a citywide sales volume 15 percent higher than the amount of deals completed during the same quarter in 2015, the Real Estate Board of New York (REBNY) reported.
Completed home sales transactions — co-ops, condos, and one-to-three family dwellings in all five boroughs — reached $13.6 billion, the highest year-over-year total since 2006. The average sales prices surged in every borough, with Manhattan in front despite the remarkable sales slowdown in the higher end of the market. Due to its ever-growing market peppered with luxurious, new developments, Manhattan was still responsible for more than 50 percent of the citywide value in sales as it racked up $7.31 billion in the third quarter of 2016. Though transaction numbers in Tribeca dropped, it remained the most expensive neighborhood in the NYC.
In Manhattan, the top 10 percent of sales prices grew almost 21 percent compared to the third quarter of 2015 to a staggering $8.8 million. Condominiums or co-ops sprang up 17 percent to $2.03 million. Brooklyn had $2.9 billion in sales, an 11 percent jump from the third quarter of 2015. These completed sales hit new highs, from $856,839 on average last year, to $983,511 this year. Williamsburg and Greenpoint saw the largest amount of sales in Brooklyn.
In Queens, average sales price for a home increased 6 percent to $523,000, while home sales volume year-over-year grew 7 percent to 4,303 units. Total residential sales consideration climbed 12 percent to $2.25 billion year-over-year. Condo sales were mainly in Flushing. Multi-family home prices were the highest in Long island City and Astoria.
Total sales activities scaled 16 percent to $413.9 million in the Bronx market, as the average sales price moved three percent, up to $400,000. Staten Island recorded $767.3 million in home sales, a staggering 41 percent increase year-over-year. Overall, the city saw nearly a 12 percent growth in average sales price, standing at $981,000 in the third quarter of 2016, compared to $888,000 the prior year.
“The record total transactional value and uptick in home sales completed this quarter represent the health of the residential market citywide,” REBNY President John Banks said in a statement.