New York City’s residential market slayed the end of 2013, according to fourth quarter sales data released today by the Real Estate Board of New York.
The total dollar value of all home sales in the five boroughs was $9.6 billion in the last quarter of 2013, an increase of 29 percent from the previous year.
Manhattan racked up $5.3 billion in home sales, a 20 percent year-over-year gain, while Brooklyn posted $1.9 billion, a 38 percent increase.
The average sales price of a Manhattan abode increased one percent from 2012’s fourth quarter to $1.4 million, while the average sales price in Brooklyn rose by five percent to $621,000. The average sales price of a home in Queens was $432,000, up three percent year-over-year.
In the fourth quarter, there were 12,677 home sales, an increase of 31 percent from the previous year.
“The demand for New York residential real estate grows as confidence in the economic recovery continues and the limited supply of inventory persists,” Steven Spinola, President of REBNY, said in a statement. “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.”
Indeed, sales of Brooklyn one-to-three family homes increased 34 percent to 1,739, while sales of Queens residences in that category shot up 31 percent to 2,333.
Here are the neighborhoods that rung up the most home sales this quarter:
- Manhattan — 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 — Bedford Stuyvesant (215), Park Slope (172), East New York/Spring Creek (153), Bay Ridge/Fort Hamilton (157), Gravesend/Mapleton (139) and Williamsburg (139)
- Queens — Rego Park/Forest Hills/Kew Gardens (465), Flushing (430), Jackson Heights/Elmhurst (414) and Richmond Hill/South Ozone Park/Woodhaven (288)