Photo of John Banks

NEW YORK CITY—Thanks to an all-time high $11 billion inresidential sales in Brooklyn, the home sales market in New YorkCity last year reached a new record at $50 billion, according tothe Real Estate Board of New York. This despite a recent sharpdecline in luxury home sales in the city.

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REBNY in its year-end residential sales report notes that fourthquarter 2017 sales activity citywide in cooperatives, condominiums,and one-to-three-family dwellings ranging from $1 million to lessthan $3 million rose 10% as compared to the same period a yearearlier. The number of home sales recorded for properties in the$5-million or greater price range plummeted 38% in Q4 '17 ascompared to 12 months earlier.

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“The high end of the New York City home sales market slowed thisquarter in comparison to past quarters,” says REBNY president JohnH. Banks. “Average sales price growth in areas outside Manhattanoffset this decline and led to year-over-year stability in theaverage sales price for a home in New York City.”

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Total residential sales consideration increased in three of thefive boroughs during Q4 when compared to the fourth quarter of2017. Total residential sales consideration increased 4% to $2.40billion in Brooklyn; 12% to $2.35 billion in Queens and 17% to $455million in the Bronx. Total consideration fell 12% to $4.79 billionin Manhattan and 4% to $675 million in Staten Island.

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In terms of home sales value and sales volume, performance wasmixed in the five boroughs, although Manhattan suffered declines inboth sales volume and pricing in the fourth quarter, according tothe REBNY report.

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The overall average sales price for a home in New York City fell1% year-over-year to $917,000 inQ4. The average sales price of ahome in Manhattan declined 7% from Q4 2016's average to$1,803,000. When compared to Q4 '16, the average sales price of ahome in Brooklyn rose 5% to $901,000; Queens' home sale averagesale price grew 11% to $595,000; in the Bronx the average saleprice increased 7% to $422,000; and in Staten Island the averageprice rose 8% to $524,000.

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For Q4 '17, the average sales price of a New York Citycondominium unit fell 14% to $1,573,000; for a cooperative unit theaverage price increased 5% to $739,000; and the one-to-three familydwelling average sale price increased 8% to $775,000 from 2016'sfourth quarter average.

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Citywide home sales volume fell 2% over a 12-monthperiod to 11,631 in Q4 '17. Year-over-year, the totalnumber of home sales declined 5% to 2,655 in Manhattan; 1% to 2,665in Brooklyn and 11% to 1,289 in Staten Island. On the positive sideof the ledger, home sales increased 1% in Q4 '17 to 3,943 in Queensand 10% to 1,079 sales in the Bronx.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.