Sales prices for homes throughout New York City posted significant, double-digit increases in the third quarter of 2014 as the overall number of sales declined year-over-year, according to the Real Estate Board of New York’s (REBNY) Third Quarter Residential Sales Report, New York City’s only five-borough report, released today.
The average sales price of a home (cooperatives, condominiums, and one-to-three-family dwellings) in New York City climbed 13 percent from $806,000 in the third quarter of 2013 to $910,000. This surge was driven by large price increases concentrated in Manhattan, Brooklyn, and Queens.
The average sales price for a condo in Manhattan increased by 29 percent to $2,163,000 year-over year. One factor involved in this increase was the number of new, high-end condos built during the post-recession comeback, which moved from contract into closing over the course of this quarter. The Manhattan coop market also saw a strong average price increase of 14 percent. Similarly, the average price of a Brooklyn one-to-three family home rose by 13 percent, while the average price of a coop in Queens rose by nine percent.