Booming Bronx and Staten Island home sales activity helped fortify the New York City real estate market pre-Spring, says the Real Estate Board of New York’s (REBNY) First Quarter 2016 Residential Sales Report.
Bronx and Staten Island homes sales volume were largely spurred by one-to-three family dwellings in co-ops and condominiums, according to REBNY. Bronx one-to-three family home sales rose 24 percent year-over-year, reaching 699 sales in the first quarter, while Staten Island’s rose 31 percent to reach 1,021 sales. Bronx and Staten Island had a total of 989 and 1,1195 home sales in the first quarter, respectively.
“With growing interest and activity, particularly in the Bronx and Staten Island, home buyers are finding and being attracted to more options at various price levels throughout all five boroughs,” REBNY President John H. Banks III said.
Staten Island and the Bronx pulled substantial weight in the absence of Brooklyn, where sales volume decreased by 4 percent, bringing home sales in the first quarter to 2,806 in total. Manhattan also saw a dip in sales volume, albeit less significantly, at 2 percent across all homes.
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However, Queens saw slight gains with a 6 percent annual increase in activity, bringing home sales to 3,784. Across NYC, 11,827 homes were sold in the first quarter — a 5 percent increase from the prior quarter.
Prices increase in the single-family category
Bronx and Staten Island prices posted encouraging results in the one-to-three family dwelling sphere, with the average sales price in the Bronx increasing 5 percent to $440,000. Meanwhile, the average sales price in Staten Island rose to $468,000, up from 4 percent the year prior.
However, the average sales price of co-ops in the Bronx decreased 8 percent to $228,000 since the first quarter of 2015.
Overall, the average sales price of a single family unit in NYC increased 2 percent year-over-year to reach $711,000. Brooklyn rose to $917,000, up 11 percent from the first quarter of 2015, while Queens rose 5 percent to reach an average sales price of $614,000.
NYC Home sales and price highlights
The area consisting of City Island, Pelham Bay, Pelham Strip, Country Club, Throggs Neck and Schuylerville had the most one-to-three family home sales in the Bronx at 125, a 39 percent increase from last year’s first quarter total of 90 sales. In this area, the average sales price of a one-to-three family home was $457,000, a 5 percent year-over-year boost.
Overall, the average sales price of all NYC homes increased 1 percent, from $898,000 in the first quarter of 2015 to $911,000 in the first quarter this year. Manhattan and Brooklyn had the biggest jumps with 5 and 8 percent price hikes, respectively. The average sales price in Manhattan reached $1,865,000 and $809,000 in Brooklyn.
The Bronx, Staten Island and Queens average home sale prices were much lower, at $378,000, $441,000 and $504,000, respectively — which REBNY says leveled citywide average home sale price growth.
Total consideration increased year-over-year in the Bronx to $374 million and $527 million in Staten Island — a 35 percent increase for both boroughs. Overall, consideration for all residential sales in NYC jumped 7 percent to $10.8 billion from the first quarter of 2015.
