REBNY Report: Residential sales market steams up in 4Q 2014: Caps off robust year of activity

The heat turned up on New York City's residential sales market in the fourth quarter of 2014 as sales prices for homes Citywide posted significant gains. Although sales volume eased year-over-year, continued healthy activity capped off a year of marked improvement, according to the Real Estate Board of New York's (REBNY) Fourth Quarter Residential Sales Report, New York City's only five-borough report, released today. The average sales price of a home (cooperatives, condominiums, and one-to-three-family dwellings) in New York City increased 11% from $760,000 in the fourth quarter of 2013 to $841,000. This climb was driven by large price increases concentrated in Manhattan and Brooklyn. Manhattan condos saw the biggest price gains this quarter as the average price rose 37% to $2.3 million year-over-year. Factors that played a role in this large average price increase included the sales of nine condos, each over $20 million, which closed at 157 West 57th St. during the fourth quarter of 2014. The Brooklyn condo market also saw an average price increase of 13% to $781,000 in the fourth quarter of 2014, while the average sales price for a one-to-three family home in Brooklyn climbed 17% to $805,000. "Sales prices, particularly in Manhattan and Brooklyn, are continuing to achieve all-time highs as sales velocity has started to level off," said Steven Spinola, president of REBNY. "Overall, it has been a strong year of activity with price increases across property types in all boroughs due to buyer confidence as the economy continues to grow." The total number of homes sold during the fourth quarter was 11,699, an 8% decrease from last year. The number of Manhattan condos sold in the fourth quarter declined 11%, while the number of Brooklyn condos decreased 10%. Similarly, the number of one-to-three family homes in Brooklyn fell by 7%. These percentage declines were from a strong fourth quarter in 2013. The total consideration for all residential sales in New York City during the fourth quarter of 2014 was $9.8 billion, a 2% increase from the fourth quarter of last year. Total consideration for Manhattan increased 1% to $5.3 billion, while total consideration for Brooklyn increased 4.3% to $1.9 billion year-over-year. REBNY's Fourth Quarter 2014 Residential Sales by Neighborhood: * Manhattan neighborhoods with the most home sales this quarter were: the Upper East Side (692 sales), the Upper West Side (564), Gramercy / Kips Bay (269), Midtown East (247), Midtown West (210), and Chelsea / Flatiron (146). * Brooklyn residential home sales activity was focused in Bedford Stuyvesant (170), Gravesend / Mapleton (148), Bay Ridge / Fort Hamilton (135), Sheepshead Bay (130), East New York / Spring Creek (122), and Park Slope (118). * Queens neighborhoods with the most home sales were: Rego Park / Forest Hills / Kew Gardens (443), Flushing (401), Jackson Heights/Elmhurst (323), Richmond Hill / South Ozone Park / Woodhaven (266), Springfield Gardens / Jamaica / South Jamaica / Baisley Park (258) and Laurelton / Cambria Heights / St. Albans / Rosedale (207). * Bronx neighborhoods with most residential home sales this quarter were: Riverdale / Fieldston (143), Parkchester / Westchester Square / Castle Hill / Soundview (134), City Island / Pelham Bay / Pelham Strip / Country Club / Throgs Neck / Schuylerville (108 sales), and Woodlawn / Williamsbridge (79). REBNY's report is the most comprehensive quarterly review of recorded transactions and includes data from all five boroughs.