REBNY Report: Residential Sales Market Fares Well Citywide in the First Quarter of 2014
April 10, 2014 - NEW YORK, NY
The Real Estate Board of New York's (REBNY) First Quarter New York City Residential Sales Report, New York City's only five-borough report released today, shows that the residential sales market citywide fared well in the first quarter of this year. The report reveals robust price gains with average sales prices in Brooklyn and Manhattan hitting an all-time high.
In Brooklyn, the average sales price for a condo hit a new high of $734,000, an eight percent increase year-over-year. The average sales price for a condo in Queens showed similar gains, increasing by five percent to $456,000 from last year. The average sales price for a condo in Manhattan reached a record-breaking $1.83 million, up four percent from the first quarter of last year.
Manhattan's coops and Brooklyn's one-to-three family homes also documented top average sales prices this quarter as compared to the first quarter of last year. The average sales price for Manhattan's coops increased by six percent to $1.2 million. In Brooklyn, the average sales price for one-to-three family homes increased by six percent to $748,000.
"While Brooklyn and Manhattan have posted some of the highest average sales prices this quarter, the positive volume of Queens and Staten Island sales year-over-year reflects the continued growth of the housing market citywide," said Steven Spinola, President of REBNY. "Similar to last quarter, we've seen residential sales activity extending beyond Manhattan and spreading to Brooklyn, Queens and Staten Island, which contributes to the city's steady and sustained housing demand."
Median sales prices in Manhattan achieved some of the biggest gains during the first quarter with condo median sales prices increasing by 19 percent to $1.25 million.
Residential sales in Queens and Staten Island significantly outpaced the volume seen in the first quarter of last year. The sale of apartments in Queens increased by 23 percent to 1,403. Staten Island saw a notable increase in its one-to-three family home sales, up 21 percent to 881 year-over-year.
The total number of homes sold (cooperatives, condominiums and one-to-three-family dwellings) saw a positive increase of four percent to 10,391 sales, as compared to last year.
Total consideration, the total dollar value of all home sales in the five boroughs, was $8.3 billion, an increase of three percent year-over-year. In Brooklyn, the total consideration of residential sales was $1.7 billion, an increase of six percent from the first quarter of 2013.
REBNY's First Quarter 2014 Residential Sales by Neighborhood:
- Manhattan neighborhoods with the most home sales this quarter were: the Upper East Side (680), the Upper West Side (530), Midtown East (237), Gramercy/Kips Bay (205), Midtown West (187), and Chelsea/Flatiron (175).
- Brooklyn residential home sales activity was focused in: Bedford Stuyvesant (183), Park Slope (142), Gravesend/Mapleton (105), East New York/Spring Creek (102), Bushwick/Wyckoff Heights (100), and Williamsburg (96).
- Queens neighborhoods with the most home sales were: Rego Park/Forest Hills/Kew Gardens (378), Flushing (372), Jackson Heights/Elmhurst (263) and Richmond Hill/South Ozone Park/Woodhaven (237).
- Bronx neighborhoods with the most residential home sales this quarter were: Riverdale/Fieldston (100), City Island/Pelham Bay/Pelham Strip/Country Club/Throgs Neck/Schuylerville (78), Parkchester/Westchester Square/Castle Hill/Soundview (77), and Woodlawn/Williamsbridge (71).
REBNY's report is the most comprehensive quarterly review of recorded transactions and includes data from all five boroughs.
About The Real Estate Board of New York
The Real Estate Board of New York is the city's leading real estate trade association with more than 15,000 members. REBNY represents major commercial and residential property owners and builders, brokers and managers, banks, financial service companies, utilities, attorneys, architects, contractors and other individuals and institutions professionally interested in the city's real estate. REBNY is involved in crucial municipal matters including tax policy, city planning and zoning, rental conditions, land use policy, building codes and legislation. In addition, REBNY publishes reports providing indicators of market prices for both the residential and commercial sectors. Please visit us online at www.REBNY.com