Photo: Robert Clark
Overall home prices throughout New York City were up year-over-year in the first quarter of 2017, but the city’s condo market saw particularly strong price growth over the same period. Record high average condo prices were set in three of the five boroughs in the first quarter, according to a newly released report by the Real Estate Board of New York (REBNY).
The average sales price of a home in New York City — which includes co-ops, condos, and one-to-three-family dwellings — increased 12 percent to $1 million from last year in the first quarter of 2017. All five boroughs recorded year-over-year increases in average home prices, with Manhattan and Brooklyn each recording 15 percent gains — the largest gains recorded in the boroughs.
Citywide, the average condo price soared nearly 20 percent year-over-year to $1.9 million in the first quarter, but Brooklyn, Manhattan and Queens prices climbed to record highs.
Brooklyn’s average condo price recorded a nearly 40 percent gain in the first quarter, with the average condo price soaring to $1.1 million — the largest gain recorded in the city. The Brooklyn neighborhood of Williamsburg saw average condo prices rise 30 percent from last year, and recorded a 92 percent year-over-year increase in the number of units sold in the first quarter. The borough’s condo prices were greatly influenced by sales in new luxury developments like Pierhouse at Brooklyn Bridge Park, says REBNY.
The average price of a Manhattan condo increased 27 percent from last year to $3 million, while Queens saw average condo prices climb 6 percent year-over-year to $602,000.
Meanwhile, the average sale price of a one-to-three family home in New York City increased 9 percent from last year to $776,000 in the first quarter.
Sales volume in the city increased 2 percent from last year to 12,112 transactions totaling $12.3 billion, up 15 percent from last year. Brooklyn recorded a 4 percent year-over-year gain in sales volume — the largest gain of the five boroughs. However, Queens had the largest volume in the first quarter of 2017.
“2017 is off to a strong start following the tempered fourth quarter of 2016,”says REBNY President John Banks.
The data, according to Banks, shows the New York City market gaining momentum, and there is continued demand for all types of homes throughout all five boroughs.
Click here to read the entire report.