Starting on a high note

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NYC’s residential market started 2017 with $12.5 billion worth of sales — up 15 percent from 2016, according to a report from the Real Estate Board of New York (REBNY). The uncertainty of Q4 2016 amidst the presidential election and rising interest rates did not slow down the condo market. Instead, condo prices in Manhattan, Brooklyn and Queens soared to new records in Q1 2017 and pushed the city’s overall average sales price up to $1.02 million. In Manhattan, the average condo sales price rose to a record $3.03 million during Q1 — a 27 percent increase while Brooklyn’s average sales price showed the biggest jump, rising 39 percent to $1.14 million. And in Queens, the average sales price grew six percent to $602,000. Overall, the average condo sales price hit $1.9 million, up 19 percent… this is in stark contrast to the average sales price for co-ops, which fell two percent to $711,000.

Deal volume also grew though just two percent to 12,112 compared to Q1 2016 and median sales price rose seven percent to $600,000. Of particular interest, REBNY’s data revealed that the luxury condo market picked itself back up compared to the same time last year. For example, there were 36 sales above $10 million during Q1 2017 in Manhattan versus 27 in Q1 2016.