New York City's residential real estate market had a moderate fourth quarter in 2016 to finish a record-breaking year, as the average home sales price (pertaining to co-ops, condominiums, and one-to-three-family dwellings), went up 10 percent year-over-year to $924,000 during that quarter. That rise was attributed to high-end condominium sales, said the Real Estate Board of New York, which issued its latest residential sales report on Monday.
“Home sales remain above average across the five boroughs with healthy price growth despite a slight decline in activity this quarter,” John H. Banks, III, president of REBNY, said in a press statement. “Demand for all property types holds strong, setting the pace of activity for the start of 2017.”
Sales Prices for Condos
In its report, REBNY said that the average sales price for a condo unit in New York City rose to $1,837,000 in fourth quarter of 2016, a 25 percent positive change from the year before. Manhattan experienced a rise in average sales price by 36 percent year-over-year, to $2,963,000 also in that quarter--while Brooklyn and Queens saw an uptick by 12 percent ($983,000) and 2 percent ($535,000) respectively. Meanwhile, Staten Island and the Bronx saw a drop year-over-year by 3 percent ($301,000) and 4 percent ($249,000), respectively.
As for the median sales price for condos in New York City, REBNY reported $890,000 during fourth quarter of 2016, an increase of 2 percent from that same quarter the year prior. Of the five boroughs in that same quarter, Manhattan and Bronx saw their median price both go up by 11 percent year-over-year ($1,550,000 and $159,000, respectively). Brooklyn's median sales price in 4Q 2016 was $806,000, an increase of 7 percent year-over-year.
Sales Prices for Co-Ops
In contrast to condos, the city saw a decline in average sales price to $705,000 for cooperatives during 4Q 2016, a change of 5 percent from the previous year. That's also the same percentage drop for Manhattan, as its average sales price went down to $1,170,000 year-over-year. Co-ops in Brooklyn, Staten Island, and the Bronx also didn't fare well as they experienced a dip from fourth quarter 2015: Brooklyn by 5 percent ($465,000), Staten Island by 6 percent ($173,000) and the Bronx by 2 percent ($239,000). Only Queens co-ops did better in fourth quarter of 2016 with an average sales price of $276,000, a 7 percent improvement year-over-year.