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REBNY: Queens, Brooklyn Residential Markets Set New Records in Second Quarter

REBNY president John Banks REBNY president John Banks

NEW YORK CITY—Residential sales in New York City rose 15% in the second quarter to 12,721 transactions, sparked in part by buyers’ preference for lower-priced properties in the outer boroughs, according to a report released by the Real Estate Board of New York.

Sales volume of residential units (cooperatives, condominiums and one-to-three-family dwellings) in Queens and Brooklyn led the way with 17% and 15% increases in closed sales respectively, REBNY reports. Queens recorded 3,984 sales in the second quarter, while Brooklyn posted 3,034 sales transactions. Manhattan’s 3,268 transactions were 6% higher than sales posted in the second quarter of 2016. The total number of homes sold in Staten Island in the second quarter totaled 1,240, an increase of 38% as compared to activity registered in the second quarter of 2016.

“New York City’s home sales volume, average sales prices, and total consideration continued on a strong trajectory through the second quarter of 2017,” says REBNY President John Banks. “The larger share of home sales occurring outside of Manhattan, where prices are lower, has fueled healthy year-over-year average sales price growth.”

Citywide consideration for the completed second quarter transactions increased 19% to $13.4 billion. Year-over-year, total consideration increased by 8% to $7.02 billion in Manhattan; by 37% to $2.97 billion in Brooklyn; by 28% to $2.24 billion in Queens; by 25% to $426 million in the Bronx and by 54% to $703 million in Staten Island.

REBNY says the high sales activity fueled sale price increases in a host of categories in Manhattan and the other boroughs. In fact, a number of new residential records were set in the second quarter including new all-time high average sales prices set for various home types in Brooklyn, Queens and Staten Island in the second quarter of 2017.

New records were set for:

The average sale price for a Brooklyn condo at $1.166 million, a 26% rise year-over-year largely driven by high-priced sales at the Pierhouse development at Brooklyn Bridge Park and The Boerum in Boerum Hill, REBNY reports.

A new record was also set for the average sale price of a one-to-three-family residence in Brooklyn at $1.03 million, a 14% increase over the price posted in the second quarter of last year.

REBNY also states that the average sale price of a condo in Queens reached a record $678,000 in the second quarter. The 27% increase in sale price was boosted by high-priced sales at the Flushing Commons and Grand One developments. The 548 condo sales recorded in Queens in the second quarter was also a new all-time high for the borough.

Other sale records included the average price of a Queens co-op, which rose to a new high-water mark of $288,000 and the $526,000 price of a one-to-three family dwelling on Staten Island. The price of a Queens co-op rose 10% as compared to a year earlier, while the average price of the Staten Island one-to-three family residence shot up 11% from the second quarter of 2016.

The average sales price for a home in New York City increased 3% year-over-year to $1.05 million, while the median sales price of a New York City home rose 8% to $630,000, which REBNY says indicates that buyer demand is not limited to the upper end of the market.

When compared to the second quarter of last year, the average sales price of a home in Brooklyn rose by 19% to $977,000; in Queens the price grew by 9% to $561,000; in the Bronx the price increased 9% to $416,000; and in Staten Island it rose by 12% to $498,000.

The REBNY report also includes some pertinent data points on active neighborhoods in Manhattan and the outer boroughs. For example, the average sales price for a condominium in Tribeca soared 41% to $6.5 million. Activity was fueled by strong sales at 56 Leonard St., Thirty Park Place, and 443 Greenwich St.

• Sales of cooperative units on the Upper East Side rose 30% to 479 from 368 in the second quarter of 2016.

• Condo sales in Williamsburg increased 28% to 153 sales, while the average sales price of a Williamsburg condo increased 12% to $1.049 million.

• Flushing recorded the most condominium activity in Queens in the second quarter with 294 sales, more than four times the number of condo sales recorded in the second quarter of 2016. The average sales price of a condominium in Flushing in the second quarter of this year was $766,000. The sales volume and price increases in condos in Queens were due to sales activity at Flushing Commons, The Grand, and Parkside Tower.

• In the Bronx, Parkchester /Westchester Square /Castle Hill /Soundview registered 126 one-to-three family dwelling sales in the second quarter, 13% higher than the second quarter of 2016. The average sales price of a one-to-three family dwelling in that area was $475,000, an increase of 11% year-over-year.

 

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