NEW YORK CITY—Fueled by price spikes in Brooklyn, Manhattan and Queens, the average sales price of a home in New York City in the third quarter of this year rose 13% from $806,000 in the third quarter of 2013 to $910,000.

Sales volume for cooperatives, condominiums, and one-to-three-family dwellings in the five boroughs declined in the third quarter as compared to a year earlier, the Real Estate Board of New York states in its quarterly sales report. The total number of homes sold in New York City during the third quarter was 11,954, a 15% decrease from a year ago.

The average sales price for a condo in Manhattan increased by 29% 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, REBNY states in its report. The Manhattan co-op market also saw a strong average price increase of 14%. Similarly, the average price of a Brooklyn one-to-three family home rose by 13%, while the average price of a co-op in Queens rose by 9%.

The sales volume for Manhattan condos and co-ops decreased by 20%, while the sales volume for one-to-three family homes in Brooklyn and Queens decreased by 17% and 15% respectively. REBNY officials note that the sales percentage declines were in comparison with very strong third quarter activity in 2013 and note that the level of sales activity in the third quarter of this year was still robust.

“Sales activity has continued to be strong citywide as more transactions are completed at higher price levels across all property types,” says Steven Spinola, president of REBNY. “This holds true particularly for Brooklyn and Queens where we are seeing many new projects come on line.”

The total consideration for all residential sales in New York City during the third quarter of 2014 was $10.9 billion, a decrease of 4% from the third quarter of last year. Total consideration for Manhattan decreased 1.3% to $6.6 billion, while total consideration for Brooklyn decreased 11% to $2 billion year-over year.

The Upper East Side led all Manhattan neighborhoods with 829 sales during the third quarter. Bedford Stuyvesant was tops in Brooklyn with 193 sales during that period, while the Rego Park/Forest Hills/Kew Gardens area edged out Flushing for tops in sales in the borough of Queens with 375 sales as compared to 320 during the third quarter.

Instant Insights /

REBNY: NYC Home Sales Prices Up Sharply; Sales Volume Down

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