New York City’s residential sale market broke new ground last quarter. City-wide sales reached a six year-high in sales values in the third quarter according to REBNY’s NYC Residential Sales Report.
Released in the middle of October, REBNY’s Residential Sales Report is the most comprehensive quarterly review of recorded transactions available and includes data from all five boroughs. The City saw impressive increases in part because increased competition and limited inventory encouraged buyers to act briskly and decisively. Mortgage rates near historical lows and climbing residential rents added to the attractiveness of home ownership at the moment.
The total value of all home sales in the five boroughs was $11.3 billion in the third quarter, up over thirty percent from both last quarter and third quarter last year. The average sales price rose three percent from last quarter to $806,000, while the median sales price increased four percent to $515,000. The volume of home sales, which includes cooperatives, condominiums, and one-to-three-family dwellings, throughout the City increased to 14,073 transactions, a 28 percent increase over last year.
REBNY’s Residential Sales Report also indicated that this was the second consecutive quarter where increased activity in the housing market was not focused primarily in the Manhattan apartment market and prime areas of Brooklyn. Sales in both Brooklyn and Queens for one-to-three family dwellings were at post-recession highs of 1,888 and 2,409 respectively.
Apartment sales were particularly strong in certain neighborhoods of the City that offer a wider variety of inventory in terms of design, style and price. For instance, the average sales price of a cooperative unit on the Upper East Side during the third quarter increased eight percent to $1.5 million compared to the third quarter last year and the number of sales in the neighborhood increased a whopping 44 percent over the same period to 778. In Flushing, Queens, the number of condo sales more than doubled to 192 in the third quarter compared to last year and the average price for a condo rose 14 percent to $508,000 during the same period. Sales of homes valued over $10 million dollars also increased 54 percent compared to a year earlier.
The return of New York City’s total residential sales consideration to pre-recession levels illustrates our City’s long-term attractiveness as a place to live and work. We expect to see home sales continue to rise into the next quarter, and potentially into the foreseeable future, as our economy continues to have room for improvement.
For the full report, visit www.rebny.com or REBNY’s exclusive home listings website, NY1Residential.com.
Popular posts from this blog
April Market Reports: 3 Important Takeaways to Share With Your Clients May 30, 2019 OVER 1,000 MANHATTAN HOMES ENTERED CONTRACT IN APRIL. According to the StreetEasy April 2019 Market Reports, the New York City sales market may be strengthening. This news comes after months of weakening prices across the city, rising share of price cuts and growing days on market. Read on for three takeaways from our most recent report that will offer you and your seller encouraging signs. Nearly 1,200 Homes Entered Contract in Manhattan This April The context: The number of pending sales in Manhattan rose by 26.6% year-over-year to 1,193 in April. That marks an annual increase of more than 250 and the most homes to enter contract since 2015. Upper Manhattan saw a lot of contact activity with pending sales doubling to 132 from 66 the year before. Washington Heights and Central Harlem led the charge with 53 and 29 homes entering contract, up by 104% and 53%, respectively. The takeaway: M
Manhattan’s 2016 Narrative – 5 Main Themes to Know 2016, the year of normalization… After five straight years of progressive reflation in Manhattan residential real estate (2010-2015), buyers finally saw the leverage pendulum swing their way. Of course, just how much leverage a buyer gained still heavily depends on the price point. What’s happening at the high end is drastically different than what’s happening at the lower end. Lets discuss before the firms Q4 market reports are released. Here are the 5 themes you need to know about Manhattan’s 2016: Read more...
Legal Line Question of the Week - REBNY Transfer Taxes and Grossed up Consideration I represent the prospective purchaser of a new construction condominium unit. In speaking with the sales office for the sponsor, I was informed that my purchaser is responsible for paying both the New York City and New York State transfer taxes. I thought that the obligation to pay transfer taxes was the r esponsibility of the seller. Can you please explain? Generally, when real property (or a co-op apartment) is sold in New York City, the seller is responsible for paying both the New York State and New York City transfer taxes. In residential real estate transactions where the purchase price is greater than $500,000, the New York City transfer tax equals 1.425% of the purchase price (and where the purchase price is $500,000 or below, the New York City transfer tax is 1% of the purchase price). The New York State transfer tax is .4% of the purchase price. New Yo