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REBNY Report: NYC Residential Transactions Register New Average Sales Price Highs in 3Q17
November 14, 2017
Sales of coops in Manhattan, Brooklyn, and Queens; condos in Queens; and one-to-three family dwellings in Brooklyn, Queens, and Staten Island, post new average price records
Among the New York City home sales transactions completed in the third quarter of 2017, those recorded for cooperatives in Manhattan, Brooklyn, and Queens; condominiums in Queens; and one-to-three family dwellings in Brooklyn, Queens, and Staten Island, pushed average sales prices in those categories to new heights.
According to the Real Estate Board of New York’s (REBNY) Third Quarter 2017 Residential Sales Report, the coop average sales price increased eight percent to $1,311,000 in Manhattan; less than one percent to $536,000 in Brooklyn; and 14 percent to $303,000 in Queens, compared to the third quarter of 2016.
The new record average sales price for a condo unit in Queens was $723,000 this quarter, a 27 percent increase from last year’s third quarter average.
Year-over-year, the average sales price for a one-to-three family dwelling increased 10 percent to $1,079,000 in Brooklyn; eight percent to $697,000 in Queens; and 11 percent to $549,000 in Staten Island.
“These all-time high average sales prices indicate the strong value of home types across the boroughs,” said John Banks, REBNY President. “Overall, they contribute to the consistent year-over-year citywide home sales volume and average sales price for a New York City home.”
The average sales price for a home (cooperatives, condominiums, and one-to-three-family dwellings) in New York City rose one percent year-over-year to $987,000 in the third quarter of 2017. The median price of a New York City home increased 12 percent to $650,000 in the third quarter of 2017, demonstrating that the demand for New York City homes remains broad-based.
When compared to the third quarter of last year, the average sales price of a home in Manhattan decreased eight percent to $1,839,000; in Brooklyn, rose by nine percent to $969,000; in Queens, grew by 14 percent to $594,000; and in the Bronx, increased three percent to $414,000.
Home sales volume decreased slightly year-over-year citywide. The number of sales for all homes in the City slipped two percent from the third quarter of last year to 13,636 in the third quarter of 2017. The total number of home sales fell one percent to 3,604 in Manhattan; three percent to 3,152 in Brooklyn; less than one percent to 4,287 in Queens; and eight percent to 1,511 in Staten Island, while increasing five percent to 1,082 in the Bronx.
The New York City residential sales market recorded a one percent decrease in citywide consideration (monetary value for completed transactions) totaling $13.5 billion in the third quarter of 2017, compared to the third quarter of 2016.
Total residential sales consideration increased in each borough, except for Manhattan. Total residential sales consideration increased five percent to $3.05 billion in Brooklyn; 13 percent to $2.55 billion in Queens; eight percent to $448 million in the Bronx; and three percent to $787 million in Staten Island. Year-over-year, total consideration decreased nine percent to $6.63 billion in Manhattan.
ADDITIONAL HIGHLIGHTS FROM REBNY’S THIRD QUARTER 2017 NEW YORK CITY RESIDENTIAL SALES REPORT:
- The average sales price of a condominium in Manhattan’s Financial District / South Street Seaport (“Financial/Seaport”) increased 64 percent to $2,092,000 compared to the third quarter of 2016. This strong price performance was largely attributed to condo sales at 50 West Street. Meanwhile, the overall average sales price for a condominium in Manhattan eased off all-time highs to $2,524,000 this quarter, a 14 percent decrease year-over-year due to fewer recorded sales in top tier new developments.
- The average sales price of a Williamsburg condo in Brooklyn increased 24 percent this quarter to $1,201,000, compared to the third quarter of 2016. The number of condo sales in the neighborhood decreased to 91 from 120 in the third quarter of 2016.
- Flushing continued to record the most condominium activity in Queens this quarter with 245 sales, almost three times the number of condo sales recorded in the third quarter of 2016. The average sales price of a condo in Flushing was $874,000, a 69 percent surge year-over-year, boosted by high-priced sales at the Flushing Commons and Sky View Parc developments.
- There were 105 one-to-three family dwelling sales in Woodlawn / Williamsbridge this quarter, a four percent decrease year-over-year. The average sales price of a one-to-three family dwelling in this area of the Bronx was $475,000, an increase of 18 percent from the third quarter of 2016.
- The average sales price for a one-to-three family dwelling in Staten Island rose 11 percent from the third quarter of 2016 to $549,000 in the third quarter of 2017. The total number of one-to-three family dwelling sales in Staten Island decreased eight percent to 1,333.
REBNY’s New York City Residential Sales Report is the most comprehensive quarterly review of recorded transactions and includes data from all five boroughs.