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

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

TRD New York /
Apr.April 27, 2016 09:48 AM

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


Related Articles

arrow_forward_ios
1065-1075 Gerard Avenue in the Bronx 

Prana pays Related $36M in Bronx multifamily play

448 East 143rd Street in the Bronx (Credit: Google Maps)

Private developer’s NYCHA project in Mott Haven lands $79M in financing

1159 and 1184 River Avenue with Maddd Equities' Jorge Madruga (left) and Joy Construction's Eli Weiss (right) (Credit: Google Maps)

Maddd Equities, Joy Construction score $64M for massive Bronx project

Brokerage firms are strategizing ways to make up losses after the cost of application fees was capped at $20. (Credit: iStock)

Brokerages on rental application fee cap: “It hurts”

Alex Rodriguez (Photos by Guerin Blask)

A-Rod is coming for NYC and SoFla real estate

There will be 70 agents based at the new office (Credit: iStock)

Compass opens Long Island City office as new-development sales surge

From left: 305 East 47th Street and 286 River Avenue (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

The Daily Digest - Tuesday

New life for Toys “R” Us, Masa Son is “embarrassed” with the Vision Fund: Daily digest

arrow_forward_ios