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.
For New York City co-ops, the median sales price went up to $415,000 in fourth quarter 2016, a climb of about 5 percent from the same period the year before. Manhattan experienced that same percentage increase as its median sales price rose to $760,000 over 4Q 2015. In contrast, Staten Island experienced a 20 percent drop to $137,000 year-over year.
Manhattan Prices by the Numbers
With respects to Manhattan, REBNY also broke down the average and median sales price for condos and co-ops by specific neighborhoods. For fourth quarter 2016, Midtown East's average sales went up by 227 percent to $6,266,000 year-over-year, while the Lower East Side saw the biggest drop of all the boroughs by 46 percent, to $1,372,000. Those two same neighborhoods also had the largest increase and decline in the category of median sales price during that same quarter: Midtown East had a year-over-year uptick of 92 percent, to $1,915,000; while the Lower East Side plunged by 32 percent, down to $1,225,000 compared to fourth quarter 2015.
As for co-ops in Manhattan, Roosevelt Island had the biggest rise in average sales price year-over-year in 4Q 2016 by 322 percent, to $1,634,000. The largest decline went to SoHo by 31 percent, to $2,259,000. On the flip side, SoHo led the borough's neighborhoods with the highest year-over-year increase in median sales price by 48 percent (tied with TriBeCa), to $2,223,000 in 4Q 2016; meanwhile, the Financial/Seaport area dropped 23 percent in median sales price, to $742,000 year-over-year..
To see the complete REBNY residential sales report for 4Q 2016, click here.
David Chiu is an associate editor at The Cooperator.