New York City sales volume for all homes (cooperatives, condominiums, and one-to-three-family dwellings) rose a striking 15% to 12,721 in the second quarter of 2017 compared to the second quarter of 2016, according to the Real Estate Board of New York’s (REBNY) Residential Sales Report. New, all-time high average sales prices were set for home type in Brooklyn, Queens, and Staten Island in the second quarter of 2017.
This surge was driven by the 3,984 home sales completed in Queens, a 17% increase; 3,268 home sales closed in Manhattan, up 6%; and 3,034 home sales recorded in Brooklyn, a 15% rise year-over-year.
Citywide consideration (monetary value for completed transactions) followed suit, totaling $13.4 billion, a 19% boost compared to last year’s second quarter. Year-over-year, total consideration increased 8% to $7.02 billion in Manhattan; 37% to $2.97 billion in Brooklyn; 28% to $2.24 billion in Queens; 25% to $426 million in the Bronx; and 54% to $703 million in Staten Island.
“New York City’s home sales volume, average sales prices, and total consideration continued on a strong trajectory through the second quarter of 2017,” said REBNY’s 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.”
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