REBNY Report: NYC residential sales market records double-digit price increases in 3Q 2014

Sales prices for homes throughout New York City posted significant, double-digit increases in the third quarter of 2014 as the overall number of sales declined year-over-year, according to the Real Estate Board of New York's (REBNY) Third Quarter Residential Sales Report, New York City's only five-borough report. The average sales price of a home (cooperatives, condominiums, and one-to-three-family dwellings) in New York City climbed 13% from $806,000 in the third quarter of 2013 to $910,000. This surge was driven by large price increases concentrated in Manhattan, Brooklyn, and Queens. The average sales price for a condo in Manhattan increased by 29% to $2.163 million year-over year. One factor involved in this increase was the number of new, high-end condos built during the post-recession comeback, which moved from contract into closing over the course of this quarter. The Manhattan coop market also saw a strong average price increase of 14%. Similarly, the average price of a Brooklyn one-to-three family home rose by 13%, while the average price of a coop in Queens rose by 9%. The total number of homes sold during the third quarter was 11,954, a 15% decrease from last year. The sales volume for Manhattan condos and coops decreased by 20%, while the sales volume for one-to-three family homes in Brooklyn and Queens decreased by 17% and 15% respectively. These percentage declines were from a very strong third quarter in 2013. Nevertheless, the level of sales activity is still robust. "Sales activity has continued to be strong citywide as more transactions are completed at higher price levels across all property types," said Steven Spinola, president of REBNY. "This holds true particularly for Brooklyn and Queens where we are seeing many new projects come on line." The total consideration for all residential sales in New York City during the third quarter of 2014 was $10.9 billion, a decrease of 4% from the third quarter of last year. Total consideration for Manhattan decreased 1.3% to $6.6 billion, while total consideration for Brooklyn decreased 11% to $2 billion year-over year. REBNY's Third Quarter 2014 Residential Sales by Neighborhood: * Manhattan neighborhoods with the most home sales this quarter were: the Upper East Side (829 sales), the Upper West Side (695), Gramercy/Kips Bay (304), Midtown East (259), Midtown West (233), and Chelsea/Flatiron (197). * Brooklyn residential home sales activity was focused in Bedford Stuyvesant (193), Bay Ridge/Fort Hamilton (165), Park Slope (165), Crown Heights (138), Marine Park/Madison (117), Sheepshead Bay (117) and Gravesend/Mapleton (114). * Queens neighborhoods with the most home sales were; Rego Park/Forest Hills/Kew Gardens (375), Flushing (320), Jackson Heights/Elmhurst (282) and Richmond Hill/ South Ozone Park/Woodhaven (270). * Bronx neighborhoods with most residential home sales this quarter were Riverdale/Fieldston (116), City Island/Pelham Bay/Pelham Strip/Country Club/Throgs Neck/Schuylerville (94), Parkchester/Westchester Square/Castle Hill/Soundview (92 sales), and Woodlawn/Williamsbridge (77). REBNY's report is the most comprehensive quarterly review of recorded transactions and includes data from all five boroughs.