NYC Home Sales Total a Record $50 Billion in 2017 According to REBNY Report
It’s been a pretty good year for condos and co-ops, especially if you’re looking at Brooklyn. The Real Estate Board of New York (REBNY) recently released their fourth quarter sales report, enumerating all that real estate has accomplished sales-wise therein. Here, we’re breaking down REBNY’s report borough by borough to keep you up-to-date on all the goings-on of not just Manhattan, but everything else the city has to offer.
New York City’s real estate market rounded out a year of healthy home sales activity with a record $50 billion in transactions completed in 2017, according to the REBNY Sales Report. This peak in consideration (monetary value for completed transactions) was driven by Brooklyn’s all-time high annual consideration of $11 billion this year.
Sales activity in the fourth quarter of 2017 experienced a 10 percent increase in the number of home sales (cooperatives, condominiums, and one-to-three-family dwellings) ranging from $1 million to less than $3 million, when compared to the fourth quarter of 2016. In comparison, the number of home sales recorded at $5 million or greater dropped 38 percent year-over-year.
“The high end of the New York City home sales market slowed this quarter in comparison to past quarters,” said John H. Banks, REBNY president. “Average sales price growth in areas outside Manhattan offset this decline and led to year-over-year stability in the average sales price for a home in New York City.”
The average sales price for a home in New York City decreased one percent year-over-year to $917,000 in the fourth quarter of 2017. The average sales price of a home in Manhattan declined seven percent from last year’s fourth quarter average to $1.8 million. When compared to the fourth quarter of 2016, the average sales price of a home in Brooklyn rose five percent to $901,000; in Queens, grew 11 percent to $595,000; in the Bronx, increased 7 percent to $422,000; and in Staten Island, rose eight percent to $524,000.
In the fourth quarter of 2017, the average sales price of a New York City: condominium unit decreased 14 percent to $1.5 million; cooperative unit, increased five percent to $739,000; and one-to-three family dwelling, increased 8 percent to $775,000 from last year’s fourth quarter average.
Citywide home sales volume slipped 2 percent from the fourth quarter of 2016 to 11,631 in the fourth quarter of 2017. Year-over-year, the total number of home sales fell: 5 percent to 2,655 in Manhattan; one percent to 2,665 in Brooklyn; and 11 percent to 1,289 in Staten Island. Conversely, home sales increased one percent in the fourth quarter of 2017 to 3,943 in Queens and 10 percent to 1,079 sales in the Bronx.
The Bronx
The average sales price for a one-to-three family dwelling in the Bronx registered a record $515,000 in the fourth quarter of 2017, a 12 percent increase from last year’s fourth quarter average. The previous peak of $507,000 was recorded in the fourth quarter of 2006.
Among the Bronx neighborhoods that contributed to this rise were Woodlawn/Williamsbridge where the average sales price of a one-to-three family dwelling was $482,000, an increase of 14 percent from the fourth quarter of 2016.
Brooklyn
The average sales price of a Williamsburg condo declined 5 percent this quarter to $1.1 million compared to the fourth quarter of 2016. The number of condo sales in the neighborhood fell 54 percent this quarter to 65 from 140 in the fourth quarter of 2016.
The average sales price for a condo in Brooklyn during the fourth quarter of 2017 was $1 million, a three percent increase year-over-year.
Manhattan
In the fourth quarter of 2017, the average sales price of a condo in the Financial District/South Street Seaport (Financial/Seaport) jumped 44 percent to $1.6 million compared to the fourth quarter of 2016. There were 83 sales in Financial/Seaport during the fourth quarter of 2017, an increase of 48 percent from the fourth quarter of last year.
The average sales price of a condo in Manhattan was $2.4 million a 19 percent decrease year-over-year. This was the lowest average sales price posted for a Manhattan condo since the fourth quarter of 2015.
Queens
The average sales price for a one-to-three family dwelling in Queens breached its previous all-time high rising 6 percent year-over-year to $710,000 in the fourth quarter of 2017.
High priced sales in Flushing and Long Island City pushed up the average sales price for a condo unit in Queens to $704,000, a 32 percent increase year-over-year.
Staten Island
The average sales price for a one-to-three family dwelling in Staten Island increased 8 percent from the fourth quarter of 2016 to $551,000 in the fourth quarter of 2017. The total number of one-to-three dwelling sales in Staten Island declined 11 percent year-over-year to 1,139.
Final Thoughts
All in all, there’s plenty of new highs to celebrate in the New York City real estate scene, especially compared to 2016’s numbers. And while most will always think of Manhattan when New York City comes to mind, Queens’ high-price sales and Brooklyn’s phenomenal numbers certainly have a place at the table as well.
REBNY’s New York City Residential Sales Report is the most comprehensive quarterly review of recorded transactions and includes data from all five boroughs. For more information, please visit www.rebny.com
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