According to new data released from the Real Estate Board of New York’s newest Residential Sales Report, New York City residential sales posted a record $13.6 billion in citywide sales for the third quarter of 2016. Representing a 15 percent rise over the third quarter of 2015, the figure marks the largest total value of home sales transacted in New York City within one quarter since REBNY began tracking home sales data in 2006. The average sales prices for a home (cooperatives, condominiums, and one-to-three-family dwellings) in Brooklyn, Queens and the Bronx also reached new highs this quarter. The year-on-year average sales price for a home increased eight percent to $891,000 in Brooklyn; six percent to $523,000 in Queens; and three percent to $400,000 in the Bronx. The average sales price for a condominium in Manhattan hit a new record of $2,952,000 driven by sales in high-priced, new developments.
“The record total transactional value and uptick in home sales completed this quarter represent the health of the residential market citywide,” said John Banks, III, REBNY President. “The slight pause felt last quarter was redirected through the hot summer season and this heightened activity sets us up for a promising remainder of 2016.”
