The New York City housing market reached new highs in the third quarter of 2016 following a lackluster second quarter. In addition to total city-wide home sales hitting a record high, three of the five boroughs recorded new highs for the average sales price of a home, according to the new quarterly report published yesterday by the Real Estate Board of New York (REBNY).
Total city-wide residential home sale prices (which includes all co-op, condo, and one-to-three-family homes) rose 15 percent year-over-year to a record high of $13.6 billion in the third quarter. The third quarter’s sales total was the highest since the REBNY began tracking home sales in 2006. This was also up from the $11.2 billion recorded the previous quarter.
Manhattan and Brooklyn both recorded highs for total residential home sales in the third quarter — a 16 percent year-over-year increase to $7.31 billion in Manhattan, and 11 percent year-over-year increase to $2.90 in Brooklyn.
The average sale price of all home types city-wide rose 11 percent to $981,000 from last year, but was down 4 percent from the previous quarter. The average sale prices rose from the previous quarter in every borough but Manhattan, where it decreased by 4 percent.
The average sales price set new record highs in three boroughs in the third quarter — $891,000 in Brooklyn, $523,000 in Queens, and $400,000 in the Bronx.
In what REBNY called a demonstration of “the breadth of demand for New York City homes,” the median sale price of all home types also recorded gains in all five boroughs. The median price of a home in New York City rose 4 percent from last year to $580,000.
“Driven by the sales in high priced, new developments,” the average sale price of a condo in Manhattan skyrocketed 44 percent to a new high of $2.9 million.
The average sale price of Manhattan co-ops rose 2 percent year-over-year to $1.2 million. It was, however, down 2 percent from the previous quarter’s average sale price.
One-to-three-bedroom homes in Manhattan recorded an average sales price increase of 3 percent from last year to $7.1 million in the third quarter. This was up 32 percent from the previous quarter’s $5.4 million average sales price.
The median sales price of one-to-three-bedroom homes in Manhattan rose 100 percent from the previous quarter to $6.7 million. It was up 18 percent year-over year.
To view the entire REBNY report, click here.