According to a report from the Real Estate Board of New York, transactions in Manhattan represented 62.4 per cent of the total dollar volume in Q2. Brooklyn sales were at 17.3 per cent of the five borough total while Queens won a bronze medal representing 15.3 per cent of citywide sales.
The REBNY report follows home prices and condo, co-op and one to three family homes sales in the city.
Manhattan, Brooklyn, Queens and Staten Island all experienced average sale price increases from a year ago. The average citywide price was up 6 per cent to $789,000. High-end sales in Manhattan were largely responsible for the increase.
Here’s a quick breakdown of the average sale price in the five boroughs and their year-over-year increase:
- Manhattan: $1,4 million,+2 per cent
- Brooklyn: $571,000, +2 per cent
- Staten Island: $426,000, +5 per cent
- Queens: $396,000, +3 per cent
- Bronx: $322,000, -6 per cent
There were 9,720 transactions citywide, down 2 per cent from last year. As you would expect, Manhattan led the way in total number of transactions where activity rose 6 per cent to 3,413 transactions.
Where will the city be heading in Q3 and Q4? Only one way to find out! Stay tuned…