The Real Deal New York

Outer-borough bonanza: Bronx and Staten Island home sales spike 35%

Manhattan sales slip 2%, Brooklyn sales drop 4%, according to REBNY

April 27, 2016 09:48AM

Bronx-Staten-Island

35 Cannon Avenue in Staten Island and 335 East 239th Street in the Bronx

Stung by high prices in Manhattan and Brooklyn, buyers are flocking to the Bronx and Staten Island – resulting in a 35 percent spike in sales activity in those boroughs during the first quarter, according to a new report.

Overall, there were 11,827 residential sales during the first quarter, a 5 percent increase, according to REBNY’s first quarter residential sales report. In Manhattan, sales dipped 2 percent and in Brooklyn, 4 percent.

The relatively high price tags in those boroughs could be to blame.

The average sale price citywide increased 1 percent to $911,000 during the first quarter, according to REBNY. In Manhattan, the average sale price jumped 5 percent to $1.865 million. Brooklyn’s average price spiked 8 percent to $809,000.

Average sale prices in the Bronx, Staten Island and Queens were far lower, clocking in at $378,000, $441,000 and $504,000, respectively.

Overall, sales volume topped $10.8 billion during 2016’s first quarter, according to REBNY, up 7 percent from the prior-year period. In Manhattan, total sales added up to $5.69 billion, a 2.8 percent increase. Meanwhile, Brooklyn saw $2.27 billion in sales, up 2.8 percent; Queens had $1.9 billion, up 13.2 percent; the Bronx had $374 million, up 34 percent; and Staten Island had $527 million, up a whopping 41 percent.

Buyers are “attracted to more options at various price levels throughout all five boroughs,” REBNY President John Banks said in a statement.

The REBNY report, which breaks down submarkets, found that the Astoria condo market, in particular, saw a 32 percent increase in sales with 29 transactions during the first quarter. The average sale price in that submarket jumped 18 percent to $595,000.

In the Bronx, the submarket including City Island, Pelham Bay, Throggs Neck and Schuylerville, had 125 sales of one-to-three family homes, a 39 percent spike. The average price in that submarket rose 5 percent to $457,000. [REBNY] — E.B. Solomont

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