BY MICHAEL STOLER
Sales volume and sales price for residential housing increased in the third quarter and especially in the outer boroughs.
John Banks, President, REBNY, said “the growth in the average sales price in the boroughs shows the continuing strength of the housing market. Buyers are looking beyond Manhattan for homes in exciting and thriving residential neighborhoods throughout Brooklyn, Queens, and the Bronx.”
The total consideration for all residential sales (cooperatives, condominiums, and one-to-three family dwellings in Brooklyn, was $2.62 billion, a surge of 31.1 percent, while Queens home sales were $2 billion, a 25.1 percent jump.
The average sales price of a home in New York City during the quarter was $888,000. The average sales price for a home in the outer boroughs saw strong growth with increases of 18 percent to $822,000 in Brooklyn, seven percent to $495,000 in Queens; and nine percent to $389,000 in the Bronx.
The average sales price of an apartment in New York City during the third quarter was $1,029,000. The average sales price of an apartment in Manhattan was $1,530,000. Brooklyn, with an average sales price of $688,000, had an 16 percent increase since the third quarter of last years. The average sales price of an apartment in Queens during the quarter was $310,000, a one percent increase over the year. The Bronx average sales prices of $263,000 up 4 peent from last years’ third quarter.
The Douglas Elliman data reported that Brooklyn and Queens set new records for median and average sales price. Brooklyn median sales price was $676,250. The median sales price for Queens in the neighborhoods of Long Island City, Woodside and Sunnyside is $450,865, a 14 percent increase from last year at this time.
The average sales price of a condominium was $1,460,000. The average sales price of condo in Manhattan during the quarter was $2,056,000. The Brooklyn average sales prices went up 20 percent to $905,000from the third quarter of 2014. The average price in Queens was $504,000, a four percent increase from last year’s third quarter.
The average sales price of a cooperative unit in NYC was $778,000, with Manhattan at $1,193,000. Brooklyn saw an increase in average sales price of 16 percent of $500,000 since the third quarter of 2014 and the average sales price of coop in Queens rose 5 percent to $259,000. The average sales price of a coop unit in the Bronx increased three percent to $249,000.
Sales of 3 family dwelling in New York City during the third quarter increased 7 percent from last year’s third quarter average to $719,000. The Brooklyn average sales price was $925,000, up 17 percent from the third quarter of 2014. The average sales price in Queens rose 7 percent to $612,000. The average sales price in the Bronx increased 9 percent to $440,000. While in Staten Island the average was $456,000 an increase of one percent.
Sales of condominiums in Queens were down for the third quarter of 2015, with Flushing having 67 condominium sales a decrease of 6 percent and the most of any neighborhood in Queens. The average price of a condominium in Flushing was $487,000 a 4 percent increase from the third quarter of 2014.
The total number of home sales in New York City has increased by 11 percent year over year to 13,302, again with the largest gains seen outside Manhattan. In Brooklyn, home sales saw a 12 percent translating to 3,193 sales, Queens by 17 percent to 4,040, and the Bronx by 35 percent to 917.
The Queens neighborhoods with the most home sales this quarter were: Rego Park/Forest Hills/Kew Gardens (464); Flushing (374), Jackson Heights/Elmhurst (332), Richmond Hill/South Ozone Park/Woodhaven (317), Springfield Gardens/Jamaica/South Jamaica/Baisley Park (379), Laurelton/Cambria Heights/St. Albans/Rosedale (238).