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

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

Related Articles

157 West 57th Street (Credit: iStock)

One57 condo with reduced ask tops a slow week of luxury contracts

Clockwise from top left: 730 Fifth Avenue, Unit #PH21; 730 Fifth Avenue, Unit #18A; The Pierre, Unit #3101; and The Park Imperial, Unit #64

Priciest homes listed last week include $60M pad at Crown Building

250th Issue

The Real Deal celebrates 250 issues

From left: Publisher and founder Amir Korangy, Editor-in-chief Stuart Elliott and VP of Corporate Development Yoav Barilan

TRD’s founders share war stories from over the years

56 Leonard Street (Credit: iStock)

He invested more than $130M into 4 Manhattan condos. Now he’s taking a hit

Due to relatively high income levels and low transportation costs, New York City is the eight most affordable of 20 major cities (Credit: iStock)

NYC is the 8th most affordable big city in America*

53 West 53rd Street, 885 Park Avenue, 70 West 45th Street (Credit: StreetEasy)

Five priciest homes to hit the market last week all over $22M

118 East 76th Street and Developer Joseph Chetrit (Credit: Google Maps and Getty Images)

Manhattan luxury home market off to worst start in seven years