NEW YORK CITY-It's not only the office sector that had a top notch fourth quarter of 2013. The city's residential sales market sustained its robust performance in the fourth quarter of 2013 on a year-over-year basis as Manhattan properties continued to see steady demand, according to the Real Estate Board of New York's Q4 NYC residential sales report. At the same time, sales activity in the outer boroughs flourished amid a steadily improving economy and greater clarity on the movement of mortgage interest rates.
Total consideration, the total dollar value of all home sales in the five boroughs, was $9.6 billion in the fourth quarter, an increase of 29% compared to the fourth quarter of last year, reports REBNY. Total consideration for Manhattan was $5.3 billion for the fourth quarter of 2013, up 20% from the fourth quarter of 2012. In Brooklyn, the total consideration of residential sales was $1.9 billion, an increase of 38% over the fourth quarter of last year.
“The demand for New York residential real estate grows as confidence in the economic recovery continues and the limited supply of inventory persists,” says Steven Spinola, president of REBNY. “We're also seeing the affordability of housing in the boroughs outside Manhattan becoming more appealing to home buyers, especially if you take a look at the tremendous growth of both one-to-three family homes and coops in Brooklyn and Queens.”
Citywide home sales volume for all homes (which includes cooperatives, condominiums and one-to-three-family dwellings) increased 31% to 12,677 transactions compared to 2012. The percentage of consideration attributable to the outer boroughs in the quarter increased to 45% from 41% in the fourth quarter of 2012.
The average sales price of a home in Manhattan increased one percent from last year's fourth quarter to $1.4 million while the average sales price in Brooklyn rose by five percent to $621,000. Meanwhile, the average sales price of a home in Queens was $432,000, up three percent from the fourth quarter of 2012.
Manhattan neighborhoods with the most home sales this quarter were the Upper East Side (888 sales); the Upper West Side (640), Midtown East (302), Midtown West (264), Gramercy/Kips Bay (240) and Chelsea/Flatiron (182).
Brooklyn residential home sales activity was focused in Bedford Stuyvesant, (215); Park Slope, (172); East New York/Spring Creek, (153), Bay Ridge/Fort Hamilton (157) Gravesend/Mapleton (139), and Williamsburg (139).
Queens neighborhoods with the most home sales were Rego Park/Forest Hills/Kew Gardens (465); Flushing (430); Jackson Heights/Elmhurst (414) and Richmond Hill/South Ozone Park/Woodhaven (288).
Bronx neighborhoods with the most residential home sales this quarter were Riverdale/Fieldston (140), Parkchester/Westchester Square/Castle Hill/Soundview (109 sales), City Island/Pelham Bay/Pelham Strip/Country Club/Throgs Neck/Schuylerville (99), and Woodlawn/Williamsbridge (95).
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
