REBNY: NYC Home Sales Volume Jumps 15 Percent in 2Q 2017 Average Sales Price for a Home in the Big Apple Also Saw an Uptick

Home sales volume and the average home prices went up during 2Q 2017, says REBNY (iStock).

New York City home sales volume (including co-ops, condos, and one- to three-family dwellings) rose to a total of 12,721 in the second quarter of 2017 -- a 15 percent improvement over the same period last year, according to the latest report by the Real Estate Board of New York (REBNY).

That total was the result of each of the boroughs experiencing an increase in home sales during that quarter year-over-year: Manhattan with 3,268, an increase of six percent; the Bronx with 1,024, a jump of 15 percent; Brooklyn with 3,034, a rise of 15 percent; Queens with 3,984, up by 17 percent; and Staten Island with 1,411, an increase of 37 percent.

Meanwhile, the average sales price for homes in the city went up during the second quarter of 2017 to $1,050,000, up three percent from last year's same period. Each of the boroughs experienced increased average sales prices year-over-year as well: Manhattan by one percent to $2,149,000: Brooklyn by 19 percent to $977,000; Queens by nine percent to $561,000; the Bronx by nine percent to $416,000; and Staten Island by 12 percent to $498,000.

Additionally, the report said the average sales price for a condo unit in New York City fell three percent to $1,889,000 in the second quarter of 2017, compared to the second quarter of 2016, when it was $1,945,000. (According to REBNY, This decline is not indicative of weakness in the market, but rather a larger share of home sales occurring outside of Manhattan, where prices are lower.") Meanwhile, the average of sales price of a co-op unit increased by seven percent to $795,000 in this year's second quarter over last year's same period. For one- to three-family homes, the average sales price in the city was $757,000, up eight percent year-over-year.

The same study also said that New York City's residential sales market rose 19 percent in citywide consideration (monetary value for completed transactions during the second quarter of 2017, totaling $13.4 billion over the same period a year ago.

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