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REBNY: Resi Market Citywide Aced Q1

NEW YORK CITY—A new report tracking activity in all boroughs shows that a variety of records were shattered in early 2014.

By Rayna Katz | Updated on April 10, 2014

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.

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