State of the Market | Quarter I 2017

Quarterly update on the state of the NYC residential market.

The FAST facts:

  • The New York City residential sales market posted a 15% rise in citywide considerationtotaling $12.3 billion in the first quarter of 2017, compared with the first quarter of 2016.
  • The average sales price for a home (cooperatives, condominiums, and one-to-three-family dwellings) in New York City rose 12 percent year-over-year to $1,022,000 in the first quarter of 2017.
  • The Bronx: The average condo sales price is up 11% from the first quarter of 2016, and the average multifamily sales prices is up 9% from the first quarter of 2017.
  • Manhattan: In the first quarter of 2017, the average sales price of a condominium in Midtown East increased 36 percent to $2,995,000 compared to the first quarter of 2016.
  • Condos: The average sales price for a condominium unit in New York City increased 19 percent to $1,949,000 in the rst quarter of 2017 from $1,639,000 in the first quarter of 2016.
  • Co-ops: The average sales price of a cooperative unit in New York City during the first quarter of 2017 was $711,000, down two percent from last year’s first quarter average.
  • Multifamilies: The average sales price of a one-to-three family dwelling in New York City during the first quarter of 2017 increased nine percent from last year’s first quarter average to $776,000.

For the full Q12017 report from REBNY, click here.

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