NYC Residential Sales Market Launches Into Promising 2015

April 13, 2015

east-harlem1New York City’s residential sales market got off to a running start in 2015 with significant gains in total consideration throughout the boroughs, strong sales volume, and rising average sales prices across all five boroughs, according to the Real Estate Board of New York’s (REBNY) First Quarter Residential Sales Report.

The total consideration for all residential sales in New York City during the first quarter of 2015 was $10.1 billion, up 21 percent from the first quarter of last year. In Manhattan, total consideration for residential sales increased 21 percent year-over-year to $5.5 billion, while in Brooklyn, total consideration for residential sales rose by 29 percent year-over-year to $2.2 billion.

The average sales price of a home (cooperatives, condominiums, and one-to-three-family dwellings) in New York City increased 12 percent to $898,000 from $801,000 in the first quarter of 2014. This rise was driven by the continued growth in sales prices in Manhattan and Brooklyn. 

Sales of Manhattan condos had the greatest impact on the overall average sales price for a home in New York City this quarter…

Sales of Manhattan condos had the greatest impact on the overall average sales price for a home in New York City this quarter, similar to the fourth quarter of 2014. The average price of a Manhattan condo increased 28 percent year-over-year to $2.3 million, while the total number of Manhattan condos sold rose 11 percent to 1,284.  This large average price increase was partly attributed to recent sale closings at 157 West 57th Street, which recorded five sales exceeding $20 million and one sale exceeding $100 million this quarter.

The home sales markets in Brooklyn and Queens also saw robust year-over-year average price increases of 12 percent and 7 percent respectively. Sales volume in Brooklyn increased 15 percent to 2,911, while sales volume in Queens rose 8 percent to 3,581 from last year. The total number of homes sold during the first quarter was 11,216, an 8 percent increase year-over-year.

“Following a robust year of sales activity, New York City’s residential market continues its positive momentum to spring forward into 2015 with healthy gains across the board,” said Steven Spinola, President of REBNY. “Demand remains high with strong activity throughout the boroughs. While Brooklyn has been getting a lot of attention, the strong activity and price gains in Queens and other areas of the City should be noted as well. Further, the significant number of record sales in Manhattan clearly had a big impact on the data.”

REBNY’s First Quarter 2015 Residential Sales by Neighborhood:

·         Manhattan neighborhoods with the most home sales this quarter were; the Upper East Side (630 sales), the Upper West Side (532), Midtown West (245), Gramercy / Kips Bay (223), Midtown East (203), and West Harlem (167).

·         Brooklyn home sales activity was focused in Bedford Stuyvesant (173), Gravesend / Mapleton (144), Bay Ridge / Fort Hamilton (144), Borough Park (137), East New York / Spring Creek (127), and Canarsie (123).

·         Queens neighborhoods with the most home sales were; Rego Park / Forest Hills / Kew Gardens (397), Jackson Heights / Elmhurst (323), Flushing (320), Richmond Hill / South Ozone Park / Woodhaven (284), Springfield Gardens / Jamaica / South Jamaica / Baisley Park (244) and Briarwood / Jamaica Hills / Hillcrest (213).

·         Bronx neighborhoods with most residential home sales this quarter were Parkchester / Westchester Square / Castle Hill / Soundview (108), Riverdale / Fieldston (105), City Island / Pelham Bay / Pelham Strip / Country Club / Throgs Neck / Schuylerville (97), and Woodlawn / Williamsbridge (87).

REBNY’s report is the most comprehensive quarterly review of recorded transactions and includes data from all five boroughs.

Click here to download the full report.

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