Outer borough co-ops, condos and multi-family houses are flying off the shelves as an average $3 million price tag forces buyers out of Manhattan.
According to the latest report from REBNY — which tracks all recorded deals in the city — sales volume shot up 15 percent to 12,721 in the second quarter of 2017 compared to the second quarter of 2016.
The surge was driven by the 3,984 home sales completed in Queens, a 17 percent increase; 3,268 home sales closed in Manhattan, up six percent; and 3,034 home sales recorded in Brooklyn, a 15 percent rise year-over-year.
The average sales prices for a condominium in Manhattan hit $3,032,000 in the first quarter, according to REBNY.
“New York City’s home sales volume, average sales prices, and total consideration continued on a strong trajectory through the second quarter of 2017,” said REBNY President John Banks. “The larger share of home sales occurring outside of Manhattan, where prices are lower, has fueled healthy year-over-year average sales price growth.”
Citywide consideration (the monetary value for completed transactions) followed suit, totaling $13.4 billion, a 19 percent boost compared to last year’s second quarter. Year-over-year, total consideration increased eight percent to $7.02 billion in Manhattan; 37 percent to $2.97 billion in Brooklyn; 28 percent to $2.24 billion in Queens; 25 percent to $426 million in the Bronx; and 54 percent to $703 million in Staten Island.
New, all-time high average sales prices were set for home types in Brooklyn, Queens, and Staten Island in the second quarter of 2017. Among the records, the average sales price for a Brooklyn condo was $1,166,000, a 26 percent surge year-over-year largely driven by high-priced sales at the Pierhouse development at Brooklyn Bridge Park and The Boerum in Boerum Hill.
Queens condos reached $678,000 this quarter, boosted 27 percent from last year’s second quarter average by high-priced sales at the Flushing Commons and Grand One developments. The 548 condo sales recorded in Queens was also a new all-time high for the borough.
Queens co-op prices rose ten percent to $288,000 year-over-year while, on Staten Island one-to-three family house prices rose 11 percent to $526,000.
The average sales price for a home in New York City increased three percent year-over-year to $1,050,000, while the median sales price of a New York City home increased eight percent to $630,000 signaling that the demand for New York City homes is not only at the upper end of the market.
When compared to the second quarter of last year, the average sales price of a home in Brooklyn rose by 19 percent to $977,000; in Queens, grew by nine percent to $561,000; in the Bronx, increased nine percent to $416,000; and in Staten Island, rose by 12 percent to $498,000.
The report cited high-prices sales at 56 Leonard for driving the average sales price for a condominium in Tribeca up 41 percent to $6,500,000 compared to the second quarter of 2016.
Sales of co-ops on the Upper East Side rose 30 percent year-over-year to 479 from 368 in the second quarter of 2016.
Condo sales in Williamsburg increased 28 percent to 153 sales, while the average sales price of a Williamsburg condo increased 12 percent to $1,049,000 compared to the second quarter of 2016.