By Steve Spinola
REBNY’s Residential Sales Report, issued quarterly. presents an up-to-date and comprehensive summary of New York City’s residential sales by borough, by neighborhood and by property type. It is the only report in the city which covers all five boroughs and their many neighborhoods, and recently, our fourth quarter report for 2014 was released. This latest report wraps up what has been an impressive year for residential real estate, and illustrates positive trends which we hope to see continued in 2015.
The average sales price of cooperatives, condominiums, and one-to-three-family dwellings in New York City increased 11 percent from $760,000 in the fourth quarter of 2013 to $841,000, representing not only growth, but an overall positive trend in customer confidence and sales volume. This climb was driven by large price increases concentrated in Manhattan and Brooklyn, although the report also depicts strong residential activity in Queens and Staten Island.
In fact, Queens and Staten Island have been seeing an exciting increase in residential sales. The first quarter of 2014 saw the number of sales of Queens apartments increase from the previous year’s first quarter to 1,403, and 1-3 family sales also increased over the same period of time to 1,917. The number of Staten Island 1-3 family homes also increased to 881 that quarter, marking a 21 percent increase over the first quarter of 2013.
Manhattan condos saw the biggest price gains this quarter as the average price rose 37 percent to $2.3 million year-over-year. Factors that played a role in this large average price increase included the sales of nine condos, each over $20 million, which closed at 157 West 57th Street during the fourth quarter of 2014. The Brooklyn condo market also saw an average price increase of 13 percent to $781,000 in the fourth quarter of 2014, while the average sales price for a one-to-three family home in Brooklyn climbed 17 percent to $805,000.
The total number of homes sold during the fourth quarter was 11,699, an eight percent decrease from last year. The number of Manhattan condos sold in the fourth quarter declined 11 percent, while the number of Brooklyn condos decreased 10 percent. Similarly, the number of one-to-three family homes in Brooklyn fell by 17 percent. Although these numbers show a slight percentage decline, this is the result of a particularly strong fourth quarter in 2013.
The total consideration for all residential sales in New York City during the fourth quarter of 2014 was $9.8 billion, a two percent increase from the fourth quarter of last year. Total consideration for Manhattan increased one percent to $5.3 billion, while total consideration for Brooklyn increased 4.3 percent to $1.9 billion year-over-year.
Overall, 2014 was a strong year for the New York City residential sales market. The total number of sales in the city was the second highest since the end of the recession in 2009. Total consideration for residential sales in 2014 was the highest since the end of the recession in 2009. 2014’s total of $37.9 billion narrowly eclipsed 2013s total of $37.3 billion. As we look forward to 2015, we continue to see demand driving activity and prices continuing to move upward.
In other REBNY news:
January 29 from 8:00 a.m. to 2:00 p.m. is REBNY’s 11th Annual Benefit Fair, which offers members quality services from vendors at discounted prices. Every year, REBNY gathers these vendors together for a veritable one-stop shopping event for its members. For more information, contact Kathleen Gibbs at KGibbs@rebny.com.
F ebruary 4at 5:00 p.m. is the submission deadline for the 2014 Most Promising Salesperson of the Year Award! Created by the directors of the Board’s Commercial Brokerage Division, the REBNY Most Promising Commercial Salesperson of the Year Award recognizes current and potential achievement as well as “high moral character and ethical professional behavior.” This prize will be presented at the March 31, 2015 REBNY Members’ Luncheon.
REBNY’s next Residential Breakfast Club Seminar, “Leverage Your Database: How to Get Face to Face to Build Your Business,” will be taking place on February 10. This seminar will be in the REBNY Mendik Education Center from 9:30 a.m. to 11:00 a.m, and more information can be found by contacting Yesenia Perez at YPerez@rebny.com.
REBNY’s Residential Sales Agent Boot Camp, Cost of Doing Business: Put Your Hand In Your Pocket And Build Your Net Worth,” is February 19th! This event, sponsored by Bank of America will be taking place in the Mendik Education Center from 9:00 a.m. to 11:00 a.m., and is free for all REBNY members. Registration is required, and more information can be found by emailing REBNYResidentialEvents@REBNY.com.