1st Quarter 2015 Residential Sales Report
The New York City residential sales market posted higher average sales prices and stronger sales volume in the first quarter of 2015 compared to last year’s first quarter. The average sales price of a NYC home increased 12 percent to $898,000 compared to last year’s first quarter of $801,000 driven once again by large price increases in Manhattan and Brooklyn. NYC homes sales increased by 8 percent over last year’s first quarter to reach a total of 11,216. The Manhattan condo segment of the market had the greatest impact on the overall NYC home average sales price. The average price of a Manhattan condo increased 28 percent over last year’s first quarter to $2,344,000 with the number of sales increasing 11 percent. This large average price increase is partly attributable to more closings at 157 West 57th Street where 6 sales over twenty million dollars were recorded during the quarter, including one over one hundred million dollars. The home sales markets in Brooklyn and Queens also had strong average price increases of 12 percent and 7 percent respectively. The two boroughs also had sales volumes increases of 15 percent and 8 percent respectively over the first quarter of last year.
The total consideration for all residential sales in New York City during the first quarter of 2015 was $10.1 billion, up 21 percent from the first quarter of last year.
Total consideration for Manhattan was $5.5 billion for the first quarter of 2015, up 21 percent from the first quarter of last year. In Brooklyn, the total consideration of residential sales was $2.2 billion, an increase of 29 percent compared to the first quarter of last year.
Manhattan neighborhoods with the most home sales this quarter were; the Upper East Side (630 sales), the Upper West Side (532), Gramercy/Kips Bay (223), Midtown East (203), Midtown West (245), and West Harlem (167).
Brooklyn home sales activity was focused in Bedford Stuyvesant (173), Gravesend / Mapleton (144), Bay Ridge / Fort Hamilton (144), Borough Park (137), East New York / Spring Creek (127), and Canarsie (123).
Queens neighborhoods with the most home sales were; Rego Park/Forest Hills/Kew Gardens (397), Jackson Heights/Elmhurst (323), Flushing (320), Richmond Hill/ South Ozone Park/Woodhaven (284), Springfield Gardens/Jamaica/ South Jamaica/Baisley Park (244) and Briarwood/Jamaica Hills/Hillcrest (213).
Bronx neighborhoods with most residential home sales this quarter were Parkchester/Westchester Square/ Castle Hill/Soundview (108), Riverdale/Fieldston (105), City Island/Pelham Bay/Pelham Strip/Country Club/Throgs Neck/Schuylerville (97), and Woodlawn/Williamsbridge (87).