The Real Deal New York

NYC home sales volume in Q2 up nearly 20% from last year

Total value of sales hit $13.4B in the second three months of the year: REBNY
July 24, 2017 03:42PM

Clockwise from left: 640 West 237th Street in Riverdale, 36 Wendover Road in Forest Hills and 429 Bertram Avenue in Huguenot

Home sales volume in the city reached a total of $13.4 billion in the second quarter of 2017, according to the Real Estate Board of New York’s quarterly report.

The total value is a 19 percent increase from last year, Crain’s reported. The outer boroughs experienced significant price increases and a jump in sales activity, according to the report.

There were 12,721 city-wide sales in the quarter, REBNY’s data show. A third of those sales were in Queens, a borough which had a median sales price of $481,000. The flushing condominium market, in particular, saw the average prices jump 40 percent from last year. Just 1,411 homes sold on Staten Island, but that was third more than the same period last year. Prices there jumped 16 percent, according to Crain’s. In the Bronx, the median price hit $405,000, with the number of transactions jumping by 15 percent to a total of 1,000. In Manhattan, the number of sales increased six percent to reach 3,268.

“The high end commands a lot of media attention because of its price and height, but we are a city that is very diverse in terms of its housing inventory,” said Michael Slattery, REBNY’s senior vice president for research, according to the publication. “The takeaway for me is how active the boroughs have been.”

Developers are certainly zeroing in on the outer boroughs. Last month, just two of the city’s biggest real estate projects filed with the Department of Buildings were for Manhattan. [Crain’s]Miriam Hall