The Real Estate Board of New York
Total Page:16
File Type:pdf, Size:1020Kb
THE REAL ESTATE BOARD OF NEW YORK NEW YORK CITY RESIDENTIAL SALES REPORT | THIRD QUARTER 2017 TABLE OF CONTENTS 3 Executive Summary 3 Total Consideration 3 Total Consideration History 4 All Homes 5 Condominiums 6 Cooperatives 7 One-to-Three Family Dwellings 8 Neighborhood Highlights 8 Bronx 9 Brooklyn 10 Manhattan 11 Queens 12 Staten Island 13 Appendix - Sales Data 13 Citywide and Borough 17 Bronx 22 Brooklyn 32 Manhattan 36 Queens 46 Staten Island 50 Manhattan Townhouse NEW YORK CITY RESIDENTIAL SALES REPORT 3Q17 | 2 EXECUTIVE SUMMARY The New York City residential sales market recorded a one The median price of a New York City home increased percent decrease in citywide consideration (monetary value 12 percent to $650,000 in the third quarter of 2017, for completed transactions) totaling $13.5 billion in the third demonstrating that the demand for New York City homes quarter of 2017, compared with the third quarter of 2016. remains broad-based. The average sales price for a home (cooperatives, Home sales volume decreased slightly year-over-year condominiums, and one-to-three family dwellings) in New citywide. The number of sales for all homes in the City York City rose one percent year-over-year to $987,000 in slipped two percent from the third quarter of last year to the third quarter of 2017. 13,636. The total number of home sales fell one percent to New records were set for coop average sales prices in 3,604 in Manhattan; three percent to 3,152 in Brooklyn; and Manhattan, Brooklyn, and Queens; for the condo average less than one percent to 4,287 in Queens. sales price in Queens; and for one-to-three family dwelling Meanwhile, total residential sales consideration increased average sales prices in Brooklyn, Queens, and Staten in each borough except Manhattan. Total residential sales Island. [ The average sales price for a condominium in Manhattan Brooklyn; 13 percent to $2.55 billion in Queens; eight eased off all-time highs to $2,524,000 this quarter, a 14 percent to $448 million in the Bronx; and three percent percent decrease year-over-year due to fewer recordings of to $787 million in Staten Island. Year-over-year, total sales in top tier new developments. consideration decreased nine percent to $6.63 billion in Manhattan. TOTAL CONSIDERATION Borough Residential Sales 3q17 Residential Sales 2q17 Residential Sales 3q16 NYC $13,465,436,215 $13,353,988,742 $13,638,837,640 Manhattan $6,628,897,897 $7,023,616,914 $7,306,089,085 Bronx $448,159,688 $426,150,509 $413,950,912 Brooklyn $3,053,546,470 $2,965,199,021 $2,902,307,989 Queens $2,547,805,127 $2,235,939,198 $2,249,184,892 Staten Island $787,027,033 $703,083,100 $767,304,763 Borough % From 2q17 % From 3q16 NYC 0.83% -1.27% Manhattan -5.95% -9.27% Bronx 4.91% 8.26% Brooklyn 2.89% 5.21% Queens 12.24% 13.28% Staten Island 10.67% 2.57% TOTAL CONSIDERATION HISTORY AVERAGE SALES PRICE % FROM 3Q16 All Homes Condos Coops One-to-Three Family Dwellings 15000 15000 50% 40% 12000 12000 30% 20% 9000 9000 10% Consideration 6000 Number of Sales 0% 6000 -10% 3000 -20% 3000 0 -30% 11 3q08 1q09 3q09 1q10 3q10 1q11 3q 1q12 3q12 1q13 3q13 1q14 3q14 1q15 3q15 1q16 3q16 1q17 3q17 New York City Manhattan Bronx Brooklyn Queens Staten Island NEW YORK CITY RESIDENTIAL SALES REPORT 3Q17 | 3 EXECUTIVE SUMMARY ALL HOMES The average sales price of a home in New York City average sales price of a home in Brooklyn rose by nine during the third quarter of 2017 was $987,000, a one percent to $969,000; in Queens, grew by 14 percent percent increase from the third quarter of 2016. The to $594,000; in the Bronx, increased three percent to average sales price of a home in Manhattan decreased $414,000; and in Staten Island, rose by twelve percent eight percent from last year’s third quarter to $1,839,000. to $521,000. When compared to the third quarter of last year, the ALL HOMES - 3Q17 !"#&'* AVERAGE SALES PRICE CHANGE FROM 3Q16 61% 40 +/#:<=/!"#&'* 20 0 -20 -38 1-3 FAMILY DWELLINGS !"#&'* NEW YORK CITY RESIDENTIAL SALES REPORT 3Q17 | 4 EXECUTIVE SUMMARY CONDOMINIUMS The average sales price of a condominium unit in increase from last year’s third quarter average. The New York City decreased 13 percent to $1,667,000 in average sales price for a condominium unit in Queens the third quarter of 2017 from $1,918,000 in the third was boosted by the borough’s strong residential market quarter of 2016. The average sales price of a condo in as well as high-priced sales at the Flushing Commons Manhattan reached $2,524,000, a 14 percent decrease and Sky View Parc developments. The average sales year-over-year. price for a condo in Brooklyn during the third quarter of 2017 was $1,154,000, a 12 percent increase year-over- The average sales prices for a condo unit in Queens year. reached a new record high in the third quarter of 2017. The new record average sales price for a condo unit in Queens was $723,000 this quarter, a 27 percent :>>?/!"#&'* CONDOMINIUMS - 3Q17 AVERAGE SALES PRICE CHANGE FROM 3Q16 96% 80 +/#:<=/!"#&'* 60 40 20 0 1-3 FAMILY DWELLINGS -20 !"#&'* -41 NEW YORK CITY RESIDENTIAL SALES REPORT 3Q17 | 5 EXECUTIVE SUMMARY COOPERATIVES The average sales price of a cooperative unit in New quarter of 2017. The average sales price of a coop in York City during the third quarter of 2017 was $836,000, Manhattan increased eight percent to $1,311,000; in up ten percent from last year’s third quarter average. Brooklyn, less than one percent to $536,000; and in A new coop average sales price record high was set Queens, 14 percent to $303,000. in Manhattan, Brooklyn, and Queens during the third COOPERATIVES - 3Q17 :>>?/!"#&'* AVERAGE SALES PRICE CHANGE FROM 3Q16 60% 40 !"#&'* 20 0 -20 -30 1-3 FAMILY DWELLINGS !"#&'* NEW YORK CITY RESIDENTIAL SALES REPORT 3Q17 | 6 EXECUTIVE SUMMARY ONE-TO-THREE FAMILY DWELLINGS The average sales price of a one-to-three family dwelling The average sales prices for a one-to-three family in New York City during the third quarter of 2017 was dwelling in Brooklyn, Queens, and Staten Island $778,000, a six percent increase from last year’s third registered new record highs in the third quarter of 2017. quarter average. Year-over-year, the average sales price for a one-to- three family dwelling increased 10 percent to $1,079,000 in Brooklyn; eight percent to $697,000 in Queens; and 11 percent to $549,000 in Staten Island. :>>?/!"#&'* ONE-TO-THREE FAMILY DWELLINGS - 3Q17 AVERAGE SALES PRICE CHANGE FROM 3Q16 152% 80 60 !"#&'* 40 20 0 -20 +/#:<=/!"#&'* -50 NEW YORK CITY RESIDENTIAL SALES REPORT 3Q17 | 7 BRONX NEIGHBORHOOD HIGHLIGHTS City Island / Pelham Bay / Pelham Strip / Country Club There were 105 one-to-three family dwelling sales in / Throgs Neck / Schuylerville registered 124 one-to- Woodlawn / Williamsbridge this quarter, a four percent three family dwelling sales this quarter, which is a three decrease year-over-year. The average sales price of a percent increase from the third quarter of 2016. The one-to-three family dwelling in the area was $475,000, average sales price of a one-to-three family dwelling in an increase of 18 percent from the third quarter of 2016. the area was $506,000, a decrease of four percent year- over-year. Riverdale Woodlawn Fieldston Williamsbridge Kingsbridge Jerome Park Baychester Bedford Park Coop City Norwood Fordham Bronxdale Belmont Pelham Garden Kingsbridge Heights Pelham Parkway North University Heights Pelham Parkway South Morris Park Van Nest Highbridge Morris Heights Bathgate Mount Hope Crotona Park East Tremont City Island Pelham Bay Pelham Strip Parkchester Country Club Westchester Square Throgs Neck Castle Hill Schuylerville Melrose Soundview Morrisania Mott Haven Port Morris Hunts Point NEW YORK CITY RESIDENTIAL SALES REPORT 3Q17 | 8 BROOKLYN NEIGHBORHOOD HIGHLIGHTS The average sales price of a Williamsburg condo In East New York/Spring Creek, the average sales price increased 24 percent this quarter to $1,201,000 of a one-to-three family dwelling increased nine percent compared to the third quarter of 2016. The number of to $507,000 compared to the third quarter of last year. condo sales in the neighborhood decreased to 91 from Year-over-year, the number of sales in East New York/ 120 in the third quarter of 2016. Spring Creek increased 20 percent to 156. Greenpoint Vinegar Hill Downtown DUMBO Williamsburg Brooklyn Heights Bushwick Wycoff Heights Fort Cobble Hill Greene Clinton Hill Bedford Boerum Columbia Street Stuyvesant Waterfront District Hill Carroll Cypress Hills Gardens Prospect Heights Red Hook Gowanus Park Crown Heights Slope Brownsville East New York Ocean Hill Spring Creek Prospect Lefferts Gardens Windsor Terrace Sunset Park Flatbush Prospect East Park South Flatbush Canarsie Kensington Borough Parkville Bay Ridge Park Flatlands Fort Hamilton Bergen Dyker Beach Heights Midwood Mill Basin Bemsonhurst Marine Park Bath Beach Madison Gerritsen Gravesend Sheepshead Beach Mapleton Bay Brighton Manhattan Sea Gate Coney Beach Beach Island NEW YORK CITY RESIDENTIAL SALES REPORT 3Q17 | 9 MANHATTAN NEIGHBORHOOD HIGHLIGHTS In the third quarter of 2017, the average sales price of a condominium in the Financial District / South Street Seaport (“Financial/Seaport”) increased 64 percent to $2,092,000 compared to the third quarter of 2016. This Inwood strong price performance was largely attributed to sales at 50 West Street.