The Real Estate Board of New York has reported a new record of $13.6 billion in NYC home sales transacted in the third quarter of 2016.
According to the Real Estate Board of New York’s most recent sales report, the New York City residential sales market posted a new all-time high of $13.6 billion in citywide total consideration in the third quarter of 2016. This is a 15 percent rise from the third quarter of 2015, and is the greatest total value of home sales transacted in NYC within one quarter since REBNY began tracking data in 2006.
REBNY reports that the average sales price of a home in Brooklyn, Queens and the Bronx also broke records this quarter, with the year-over-year average sales price for a home increasing eight percent to $891,000 in Brooklyn; six percent to $523,000 in Queens; and three percent to $400,000 in the Bronx.
The average sales price for a condominium in Manhattan reached a new high of $2,952,000 driven by sales in high-priced new developments, according to REBNY.
These increases in the sales market come after a slower second quarter 2016, which REBNY notes is amplified by the 11 percent rise in the average sales price for a home in New York City to $981,000 in the third quarter of 2016, compared to $888,000 in the third quarter of 2015. All five boroughs individually posted year-over-year increases in the average sales price for a home.
REBNY reports that the median sales price for a home in New York City also experienced a boost in all the boroughs this quarter compared to last year. The median sales price for a home in New York City increased four percent to $580,000 from $560,000 last year.
“The record total transactional value and uptick in home sales completed this quarter represent the health of the residential market citywide,” said John Banks, III, REBNY President. “The slight pause felt last quarter was redirected through the hot summer season and this heightened activity sets us up for a promising remainder of 2016.”
REBNY states that new records for total residential sales consideration were also set for both Manhattan and Brooklyn in the third quarter of 2016. Year-over-year, total consideration jumped 16 percent to $7.31 billion in Manhattan and 11 percent to $2.90 billion in Brooklyn. Total residential sales consideration rose 12 percent to $2.25 billion in Queens; 16 percent to $413.9 million in the Bronx; and 41 percent to $767.3 in Staten Island in the third quarter of 2016 compared to last year’s third quarter.
