Market continues to rise on strength on booming economy

As demand rises while the supply is tight, prices will trend upward.

As demand rises while the supply is tight, prices will trend upward.

Market continues to rise on strength on booming economy

“The strength of the housing market and robust demand for housing is citywide, in every borough and across every housing type,” said John Banks, REBNY President.

“This uniform improvement across the board is both a by-product of and a contributor to New York City’s vibrant economy, which continues to experience positive population and job growth.”

The entire NYC market saw increases in total consideration, sales volume, and average sales prices in the second quarter of 2015, according to the Real Estate Board of New York’s (REBNY) Second Quarter Residential Sales Report.

In Manhattan, total consideration for residential sales surged 20 percent year-over-year to $5.96 billion, while in Brooklyn, total consideration for residential sales increased 10 percent to $2.16 billion.

The total consideration for residential sales in Queens also rose 15 percent to $1.6 billion year-over-year.

The average sales price of a home in New York City increased 12 percent to $923,000 from $826,000 in the second quarter of 2014.

This rise was driven by a substantial uptick in average prices in all boroughs and particularly large average price increases in Manhattan.

Similar to the results in the last two consecutive quarterly reports, Manhattan condos again had the largest effect on the overall average sales price for a home in New York City this quarter.

The average price of a Manhattan condo increased 31 percent year-over-year to $2,353,000 while the number of sales increased 2 percent.

This large average price increase was partly attributable to more closings at 157 West 57th Street where six sales over $20 million dollars were recorded during the quarter, including one over $90 million.

Excluding the 157 West 57th Street sales, the average sales price for a Manhattan condo was $2,143,000, a 19 percent increase year-over-year.

The home sales markets in Brooklyn and Queens saw sizable average price increases of 9 percent year-over-year, while the Bronx and Staten Island saw average price increases of 7 and 6 percent respectively.

The total number of homes sales in New York City increased by five percent year-over-year to 11,262.
Year-over-year sales volume in: Queens rose 5 percent to 3,409 sales; Brooklyn increased 1 percent to 2,782 sales; and the Bronx rose 11 percent to 728 sales in the second quarter of 2015.

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