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

TRD New York /
Jul.July 24, 2017 03:42 PM

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


Related Articles

arrow_forward_ios
Gov. Andrew Cuomo has given the go-ahead to reopen schools for in-person learning statewide (Getty; iStock)

School’s back on. Will the NYC resi market follow suit?

School’s back on. Will the NYC resi market follow suit?
New York’s real estate market is becoming two different stories: Manhattan, where deals are falling — and the suburbs, where demand is spiking. (iStock, Unsplash)

Manhattan is cold, the suburbs and Brooklyn are hot: Here’s what the resi market looked like in July

Manhattan is cold, the suburbs and Brooklyn are hot: Here’s what the resi market looked like in July
Home sale price declines are expected for July, after a recent bump, according to a CoreLogic report. (iStock)

Home sale prices got a bump, but a drop is coming: Report

Home sale prices got a bump, but a drop is coming: Report
(Images courtesy of Victor Group)

The Getty condo chops prices up to 53%

The Getty condo chops prices up to 53%
442 Union Street and 257 Berry Street (Google Maps)

Brooklyn’s luxury market reaches new pandemic high

Brooklyn’s luxury market reaches new pandemic high
(iStock)

Here’s where resi prices fell the most in Miami in Q2

Here’s where resi prices fell the most in Miami in Q2
Marwan Kheireddine (inset), Jennifer Lawrence and 400 East 67th Street (Getty, Compass, BDL Accelerate)

Jennifer Lawrence’s Upper East Side PH sold at 37% loss

Jennifer Lawrence’s Upper East Side PH sold at 37% loss
Senate Minority Leader Chuck Schumer and Senate Majority Leader Mitch McConnell (Schumer by Tasos Katopodis/Getty Images; McConnell by Ting Shen/Xinhua via Getty)

Schumer v. McConnell on SALT: Who’s gonna give?

Schumer v. McConnell on SALT: Who’s gonna give?
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...