Home sales prices in the city are heating up with the weather, according to a real estate market report.
The average sales price for condos, co-ops and one- to- three-family homes in the five boroughs reached $1,018,000 in the second quarter of 2016, according to the Real Estate Board of New York. That is the highest average that REBNY has recorded since it started collecting quarterly sales data in the first quarter of 2006, and a 10% increase from 2Q 2015.
REBNY president John Banks III said the luxury market wasn’t the only sector to feel the fire.
“While high-end Manhattan sales drove up the average sales price, the continuous demand for middle market homes is pulling the median sales price of homes higher as well,” he said. “In response, the New York City residential sales market started to face some resistance as activity was down last year.”
The citywide median sales price rose 7% year-over-year to $582,000 in 2Q 2016, according to the board, demonstrating an increase in the middle market as well. Meanwhile, 11,031 homes were bought in 2Q 2016 across the five boroughs, down 2% from 2Q 2015, REBNY reported.
Markets that saw high activity from 2Q 2015 to 2Q 2016 included Midtown East, where the average condo price almost doubled to $4,929,000 and the number of properties bought rose 27% to 127.
In Williamsburg, the average condo price fell 13% year-over-year to $937,000, but the number of transactions rose 43% to 120.