Photo: Robert Clark
Although fewer homes sold in the third quarter compared to last year, average prices hit new highs in several areas of New York City across different property types.
New price records were set for co-ops in Manhattan, Brooklyn and Queens, condos in Queens, and one-to-three family homes in Brooklyn, Queens, and Staten Island, according to a report released Wednesday by the Real Estate Board of New York (REBNY).
Over the last year, the average price of a co-op rose 8 percent annually to $1.3 million in Manhattan, less than 1 percent to $536,000 in Brooklyn and 14 percent to $303,000 in Queens.
Queens condo prices skyrocketed 27 percent year-over-year to $723,000 in the third quarter.
And lastly, the average price of a one-to-three family home rose 10 percent annually to $1 million in Brooklyn, 8 percent to $697,00 in Queens, and 11 percent to $549,000 in Staten Island.
“These all-time high average sales prices indicate the strong value of home types across the boroughs,” says REBNY President John Banks.
Meantime, the average sales price for a home in NYC — including co-ops, condos, and one-to-three family dwellings — increased 1 percent year-over-year to $987,000 in the third quarter. At the same time, the median price rose 12 percent to $650,000 — demonstrating that the demand for a home in NYC remains “broad-based.”
The average sales price of a Manhattan home fell 8 percent annually to $1.8 million in the third quarter while average prices rose 8 percent to $969,000 in Brooklyn and 14 percent to $594,000 in Queens over the same period.
Total sales citywide for all home types decreased 2 percent from last year to 13,636 transactions. But following the second highest sales volume recorded in the third quarter last year, it was an expected drop.
“We think this is merely a pause in a period of strong sales activity. This quarter saw the third highest citywide sales volume over the last ten years, REBNY’s Senior Vice President for Research Michael Slattery tells BuzzBuzzNews.
Sales volume was also down annually in nearly all five boroughs — 1 percent in Manhattan, 3 percent in Brooklyn, less than 1 percent in Queens, and 8 percent in Staten Island.
But at the same time, the number of sales was up 5 percent in the Bronx — the only borough to record an annual increase in sales volume.
Citywide residential sales volume slipped 1 percent annually to $13.5 billion in the third quarter. Sales volume was up in every borough except Manhattan, where total sales volume fell 9 percent from last year.
Also of note in the report, the average sales price of a condo in Manhattan’s FiDi neighborhood jumped a whopping 64 percent from last year to $2 million in the third quarter — largely due to strong sales in the ultra-luxury building at 50 West Street.
The average sales price of a Manhattan condo fell from its all-time high to $2.5 million in the third quarter, a decrease of 14 percent annually that was attributed to fewer sales in new luxury developments in the third quarter.
Looking forward to the end of the year, Slattery doesn’t expect much to change.
“We expect the market will continue to improve overall, especially as strong growth throughout the boroughs persists,” Slattery tells BuzzBuzzNews.
Click here to read the entire report.