NEW YORK CITY—The residential market has started the year right, according to a new first quarter sales report from the Real Estate Board of New York. The data, which tracks all five boroughs, shows average sales prices in Brooklyn and Manhattan hitting an all-time high while volume in Queens and Staten Island moved at a rapid clip.
In Brooklyn, the average sales price for a condo hit a new high of $734,000, an 8% increase year-over-year. The average sales price for a condo in Manhattan reached a record-breaking $1.83 million, up 4% from the first quarter of 2013. Meanwhile, The average sales price for a condo in Queens showed similar gains, increasing by 5% to $456,000 from last year.
Manhattan's co-ops also posted top average sales prices this quarter compared to the first quarter of last year. The average sales price for Manhattan's co-ops increased by 6% to $1.2 million.
"While Brooklyn and Manhattan have posted some of the highest average sales prices this quarter, the positive volume of Queens and Staten Island sales year-over-year reflects the continued growth of the housing market citywide," says Steven Spinola, president, REBNY. "Similar to last quarter, we've seen residential sales activity extending beyond Manhattan and spreading to Brooklyn, Queens and Staten Island, which contributes to the city's steady and sustained housing demand."
Median sales prices in Manhattan achieved some of the biggest gains during the first quarter with condo median sales prices increasing by 19% to $1.25 million.
Residential sales in Queens and Staten Island significantly outpaced the volume seen in the first quarter of last year. The sale of apartments in Queens increased by 23% to 1,403. Staten Island saw a notable increase in its one-to-three family home sales, up 21% to 881 year-over-year.
The total number of homes sold (including cooperatives, condominiums and one-to-three-family dwellings) saw a positive increase of 4% over 2013 to 10,391 sales.
The total dollar value of all home sales in the five boroughs was $8.3 billion, an increase of 3% year-over-year. In Brooklyn, the total consideration of residential sales was $1.7 billion, an increase of 6% from the first quarter of 2013.
In Manhattan, the following is a breakdown of home sales in the quarter: Upper East Side (680), Upper West Side (530), Midtown East (237), Gramercy/Kips Bay (205), Midtown West (187), and Chelsea/Flatiron (175).
Brooklyn residential home sales activity was focused in Bedford Stuyvesant (183), Park Slope (142), Gravesend/Mapleton (105), East New York/Spring Creek (102), Bushwick/Wyckoff Heights (100) and Williamsburg (96).
Queens neighborhoods with the most home sales were Rego Park/Forest Hills/Kew Gardens (378), Flushing (372), Jackson Heights/Elmhurst (263) and Richmond Hill/South Ozone Park/Woodhaven (237).
Meanwhile, Bronx neighborhoods with the most residential home sales this quarter were: Riverdale/Fieldston (100), City Island/Pelham Bay/Pelham Strip/Country Club/Throgs Neck/Schuylerville (78), Parkchester/Westchester Square/Castle Hill/Soundview (77) and Woodlawn/Williamsbridge (71).
Click here for the full report, or go to REBNY's exclusive home listings web site.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
