New York City's 2017 residential sales set a record high of $50 billion “driven by Brooklyn's all-time high annual consideration of $11 billion this year,” according to the latest fourth quarter 2017 report by the Real Estate Board of New York (REBNY).
Meanwhile, residential sales in New York City in the fourth quarter of last year totaled $10.7 billion, marking a 12 percent decline compared to the same period in 2016. However, three of the five boroughs (Bronx, Brooklyn, and Queens) saw total residential sales growth in the same quarter of 2017 year-over-year.
The study also said that sales activity during that quarter from last year went up 10 percent in the number of home sales (consisting of co-ops, condos, and one-to-three-family dwellings) ranging from $1 million to less than $3 million, in contrast to fourth quarter 2016.
“The high end of the New York City home sales market slowed this quarter in comparison to past quarters,” said REBNY President John H. Banks in a press statement. “Average sales price growth in areas outside Manhattan offset this decline and led to year-over-year stability in the average sales price for a home in New York City.”
REBNY also said that the average sales price for a home in New York City fell 1 percent year-over-year to $917,000 during fourth quarter 2017.