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.
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