NYC Housing Photo: JDH Rosewater/Flickr

The latest report from the Real Estate Board of New York released this month revealed an unquestionable upswing in the residential market, with increases in total consideration, sales volume and average sales across all five boroughs.

The Q2 report showed total consideration — which includes co-ops, condos and one-to-three-family dwellings — was $10.4 billion, up 17 percent from the same period in 2014. In Manhattan, total consideration rose 20 percent year-over-year to $5.96 billion while Brooklyn saw a 10 percent increase to $2.16 billion. In Queens, total consideration rose 15 percent to $1.6 billion year-over-year.

“The strength of the housing market and robust demand for housing is citywide, in every borough and across every housing type,” said John Banks, REBNY President.

“This uniform improvement across the board is both a by-product of and a contributor to New York City’s vibrant economy, which continues to experience positive population and job growth.”

The city-wide average sales price of a home increased 12 percent to $923,000 from $826,000 in 2014. In Manhattan, the average price of a condos increased 31 percent over Q2-2014 to $2,353,000 while sales rose two percent year-over-year.

REBNY also broke down on highest sales volume by neighborhood:

  • Manhattan: the Upper East Side (686 sales), the Upper West Side (584), Midtown West (274), Midtown East (264), Gramercy / Kips Bay (213), and Murray Hill (192).
  • Brooklyn: Bedford Stuyvesant (183), Bay Ridge / Fort Hamilton (137), Park Slope (129), Borough Park (128), Gravesend / Mapleton (125), and Sheepshead Bay (113).
  • Queens: Rego Park / Forest Hills/Kew Gardens (378), Flushing (325), Jackson Heights/Elmhurst (286), Springfield Gardens / Jamaica / South Jamaica / Baisley Park (275), Richmond Hill / South Ozone Park/Woodhaven (268), Briarwood / Jamaica Hills / Hillcrest (173).
  • Bronx: Riverdale / Fieldston (121), Parkchester / Westchester Square / Castle Hill / Soundview (119), City Island / Pelham Bay / Pelham Strip / Country Club / Throgs Neck / Schuylerville (103), and Woodlawn / Williamsbridge (88).

Need more market updates? Check out our story on existing home sales growth across the US and our write-up on the latest reading of homebuilder confidence.

Follow @bbhnyc for the latest on New York City real estate.

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