Residential sales are up in the first quarter across all the boroughs, according to the latest report released this week by the Real Estate Board of New York (REBNY). The board’s First Quarter Residential Sales Report reveals that 2015 shows significant gains in total consideration across all the boroughs, high sales volume and rising average sales prices.
New York is seeing sales growth in all property types (condos, co-ops, one-to-three-family dwellings) and the numbers are not solely being driven by Manhattan sales.
“Demand remains high with strong activity throughout the boroughs,” said Steven Spinola, President of REBNY.
“While Brooklyn has been getting a lot of attention, the strong activity and price gains in Queens and other areas of the City should be noted as well. Further, the significant number of record sales in Manhattan clearly had a big impact on the data.”
Here are a few highlights from the report:
- Total consideration for all residential sales during Q1 2015 was $10.1 billion, up 21 percent from Q1 2014.
- In Manhattan, total consideration for residential sales increased 21 percent year-over-year to $5.5 billion
- In Brooklyn, total consideration for residential sales rose by 29 percent year-over-year to $2.2 billion.
- Average sales price of a home (cooperatives, condominiums, and one-to-three-family dwellings) increased 12 percent to $898,000 from $801,000 in the first quarter of 2014.
- Manhattan condo sales greatly influenced the overall average sales price — just as in Q4 2014. The average price of a Manhattan condo increased 28 percent year-over-year to $2.3 million, while the total number of Manhattan condos sold rose 11 percent to 1,284.
- Brooklyn and Queens had year-over-year growth of average price increases of 12 percent and 7 percent respectively.
The report also reveals growth in average apartment sales price per square foot across boroughs. Manhattan’s average apartment sales price per foot grew 6 percent just since the fourth quarter of 2014. Brooklyn’s average grew 8 percent over Q1 2014, Queens’ average sales price grew from 4 percent from Q1 2014, and the Bronx’s average grew 8 percent from Q1 2014.
Remember that you can always check BuzzBuzzHome for updated new construction trends in NYC.