Banks III: “This heightened activity in residential sales sets us up for a promising remainder of 2016.”

NEW YORK CITY—The value of home sales completed in the third quarter reached a record-setting level, while prices soared in four boroughs, according to a new residential sales report from the Real Estate Board of New York.

The city's market for home sales (including cooperatives, condominiums, and one-to-three-family dwellings), posted a record $13.6 billion in total consideration—or monetary value for completed home sales transactions—REBNY reveals. This 15% spike year-over-year is the greatest total value of home sales transacted in New York City within a single quarter since REBNY began tracking such data in 2006.

Additionally, the average sales price for a condominium in Manhattan hit a new record of nearly $3 million, driven by sales in high-priced, new developments. Meanwhile, the average sales prices for a home in Brooklyn, Queens and the Bronx also reached new highs in the third quarter. Year-over-year, the average sales price for a home increased 8% to $891,000 in Brooklyn; six percent to $523,000 in Queens; and three percent to $400,000 in the Bronx.

This rebound from a lukewarm second quarter of 2016 was accentuated by an 11% increase in the average sales price for a home here to $981,000 in the third quarter of 2016, compared to $888,000 in the third quarter of 2015. All five boroughs individually posted year-over-year increases in the average sales price for a home.

Demonstrating the breadth of demand for New York City homes, the median sales price for a home also experienced a boost in all the boroughs this quarter compared to last year. The median sales price for a home in New York City rose by 4% to $580,000 from $560,000 last year.

“The record total transactional value and uptick in home sales completed this quarter represent the health of the residential market citywide,” says John Banks, III, REBNY president. “The slight pause felt last quarter was redirected through the hot summer season and this heightened activity sets us up for a promising remainder of 2016.”

Home sales volume grew year-over-year in each borough, except for Manhattan, with the total number of New York City homes sales registering at 13,899 in the third quarter of 2016—a 4% rise from last year. The total number of home sales transactions increased 2% to 3,257 in Brooklyn; 7% to 4,303 in Queens; 13% to 1,034 in the Bronx; and 32% to 1,647 in Staten Island. Manhattan posted 3,658 sales, a 6% decrease from the third quarter of 2015.

New records for total residential sales consideration also were set for both Manhattan and Brooklyn in the third quarter. Year-over-year, total consideration jumped 16% to $7.31 billion in Manhattan and 11% to $2.90 billion in Brooklyn. Total residential sales consideration rose 12% to $2.25 billion in Queens; 16% to about $414 million in the Bronx; and 41% to $767 million in Staten Island in the third quarter of 2016, compared to last year's third quarter.

The average sales price of a condominium in Midtown East tripled to nearly $6.8 million year-over year, while the number of condo sales in the Manhattan neighborhood increased 9% to 98 sales. This steep surge was largely attributed to transactions at 432 Park Ave., where there were 24 sales recorded that averaged $20.9 million.