Photo: Robert Clark
Home sales volume in NYC surged in the second quarter of this year, with prices setting records in some parts of the city. Sales were particularly strong outside of Manhattan, driven by homebuyers looking for more affordable housing, according to a newly released report by the Real Estate Board of New York (REBNY).
Total home sales volume, which includes co-ops, condos, and one-to-three family homes, rose 15 percent year-over-year to 12,721 in the second quarter. Manhattan’s volume was up 6 percent from last year, but the strongest gains occurred in the outer boroughs.
Some 3,034 homes were sold in Brooklyn in the second quarter, up 15 percent from last year. Similarly, Queens recorded a 17 percent increase in sales from last year, with 3,984 homes sold in the second quarter.
“The larger share of home sales occurring outside of Manhattan, where prices are lower, has fueled healthy year-over-year average sales price growth,” says REBNY President John Banks.
Home prices hit new highs in the second quarter in three of the five boroughs — Brooklyn, Queens and Staten Island.
Brooklyn’s average condo price jumped 26 percent from last year to $1.1 million in the second quarter partly fueled by several high-priced sales at Toll Brothers City Living’s Pierhouse at Brooklyn Bridge Park.
Meantime, condo prices in Queens soared 27 percent year-over-year to $678,000 in the second quarter. The gain was driven by sales at Flushing Commons and Grand One, two new luxury developments. The borough’s 548 condo sales in the second quarter was a record-high for Queens.
Prices for one-to-three family homes in Staten Island grew 11 percent from last year to $526,000 in the second quarter — a new record for the borough.
With prices on the rise in many prime Manhattan and Brooklyn neighborhoods, the outer boroughs could continue to lure homebuyers.
“If prices in Manhattan and prime Brooklyn areas continue to rise, we expect that some buyers will look for more affordable properties in other areas of the city,” REBNY’s Senior Vice President for Research Michael Slattery tells BuzzBuzzNews.
Meanwhile, the average price of a home in the city, which includes all home types, rose 3 percent from last year to just over $1 million, and the median price jumped 8 percent to $630,000.
The increase in the city’s median home price “signals that the demand for homes is not only at the upper end of the market.”
Average prices were up from last year boroughwide to $977,000 in Brooklyn (+20 percent), $561,000 in Queens (+9 percent), $2.1 million in Manhattan (+1 percent), and $498,000 in Staten Island (+12 percent).
Some of the city’s hottest neighborhoods recorded big annual price gains as well.
The average price of condo in Manhattan’s Tribeca neighborhood skyrocketed 41 percent to $6.5 million, due to sales at 56 Leonard Street, Thirty Park Place, and 443 Greenwich Street. In Brooklyn’s trendy Williamsburg neighborhood, condo prices jumped 12 percent to $1 million and condo sales increased 28 percent in the second quarter.
Citywide, completed transactions totaled $13.4 billion in the second quarter, up nearly 20 percent from last year. Consideration (monetary value for completed transactions) was up from last year boroughwide to nearly $3 billion in Brooklyn (+37 percent), $2.24 billion in Queens (+37 percent), $703 million in Staten Island (+54 percent), and $7 billion in Manhattan (+8 percent).
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