Photo: Malinda Rathnayake/Flickr
Residential sales in New York City totaled $9.8 billion in the fourth quarter of 2014, fueled by large price increases in Manhattan and Brooklyn, according to data released by the Real Estate Board of New York.
The average sales price of a home in the city — this includes cooperatives, condominiums and one- to three-family dwellings — was $841,000 in the fourth quarter, an increase of 11 percent from $760,000 the previous year.
Manhattan homes accounted for $5.3 billion in residential sales. Condos in the borough posted the largest price gains, as the average sales price rose 37 percent year-over-year to $2.3 million. One57, the grande dame of post-2009 ultra-luxury, contributed to the uptick in prices; nine condos at the Christian de Portzamparc-designed building, each over $20 million, closed during the fourth quarter of 2014.
Brooklyn condos also had a big quarter, with an average price increase of 13 percent to $781,000. The average sales price of one- to three-family homes in the borough was $805,000, up 17 percent. Total consideration for all residential sales in Brooklyn increased 4.3 percent year-over-year to $1.9 billion.
The average sales price of a home in Queens was $463,000, a 7 percent gain from 2013’s fourth quarter. The Bronx had an average sales price of $364,000, a 4 percent year-over-year increase.
A total of 11,699 homes sold during the past quarter, an eight percent decline from the fourth quarter in 2013. In Manhattan, the number of condos sold fell by 11 percent, while the number of Brooklyn condo deals slid by 10 percent. The total consideration for all residential sales in the city was $9.8 billion
The Manhattan neighborhoods with the most home sales last quarter were the Upper East Side (692 sales), the Upper West Side (564), Gramercy/Kips Bay (269), Midtown East (247), Midtown West (210) and Chelsea/Flatiron (146).
Brooklyn neighborhoods with the most brisk sales activity were Bedford-Stuyvesant (170), Gravesend/Mapleton (148), Bay Ridge/Fort Hamilton (135), Sheepshead Bay (130), East New York/Spring Creek (122) and Park Slope (118).
In Queens, sales were concentrated in Rego Park/Forest Hills/Kew Gardens (443), Flushing (401), Jackson Heights/Elmhurst (323), Richmond Hill/South Ozone Park/Woodhaven (266), Springfield Gardens/Jamaica/South Jamaica/Baisley Park (258) and Laurelton/Cambria Heights/St. Albans/Rosedale (207).
You can read the full report here.