Welcome!

News Feed Item

REBNY 2Q Report: Improving Economy Drives Residential Sales in the Boroughs

Comprehensive, Citywide Report Shows That Prices and Sales Activity for One-to-Three Family Homes in Brooklyn, Queens, and the Bronx Posted Notable Increases in the Second Quarter of 2014

NEW YORK, NY -- (Marketwired) -- 07/10/14 -- With growing confidence in the improving economy, residential sales activity and prices in the boroughs saw significant gains in the second quarter of 2014, according to the Real Estate Board of New York's (REBNY) Second Quarter New York City Residential Sales Report, New York City's only five-borough report released today.

Average sales prices for one-to-three family homes in Brooklyn surged 21 percent, while sales volume increased 18 percent from last year. Similarly, prices for one-to-three family homes in Queens climbed six percent, while sales volume increased by nine percent. Sales of one-to-three family homes in the Bronx also outpaced the volume seen in the second quarter of last year with a 14-percent-increase and an average sales price increase of about one percent.

"The increasing confidence of single family homebuyers in the economy, the affordability of houses, and the continuing desirability of the boroughs as places to live and raise a family have had an impact on the growth of residential sales activity throughout the City," said Steven Spinola, President of REBNY. "The majority of housing in Brooklyn and Queens is in one-to-three family homes. The large jump in the average sales price and volume for these properties is a strong, positive sign for the City's economy. In addition, the mortgage recording tax and transfer tax revenue from these sales will help pay for the services that are so essential for the vitality of these communities."

Other notable gains this quarter, as compared to the second quarter of 2013, included: the 19-percent-increase in the average sales price for all homes in Brooklyn to $715,000; the 15-percent-boost in coop sales in Queens; and the 13-percent-increase in the average sales price for a coop in New York City to $768,000. The residential market in Manhattan also remained strong with the average sales price for all homes increasing by six percent to $1,491,000 year-over-year.

The total number of homes sold (cooperatives, condominiums, and one-to-three-family dwellings) during the second quarter was 10,722, a two-percent-increase from last year. The six-percent-increase in the average sales price for all homes in New York City to $826,000 was driven by price increases in Manhattan and Brooklyn.

The total consideration for all residential sales in New York City during the second quarter of 2014 was $8.9 billion, an increase of six percent from last year. Total consideration for Manhattan increased 8.3 percent year-over-year to $4.9 billion. In Brooklyn, the total consideration was $1.9 billion, an increase of 13.5 percent from last year.

REBNY's Second Quarter 2014 Residential Sales by Neighborhood:

  • Manhattan neighborhoods with the most home sales this quarter were: the Upper East Side (716 sales), the Upper West Side (576), Midtown East (260), Gramercy/Kips Bay (222), Midtown West (220), and Chelsea/Flatiron (215).
  • Brooklyn residential home sales activity was focused in: Bedford Stuyvesant (211), Bay Ridge/Fort Hamilton (146), Park Slope (137), Gravesend/Mapleton (124), Bushwick/Wyckoff Heights (119), Sheepshead Bay (117), and Williamsburg (117).
  • Queens neighborhoods with the most home sales were: Rego Park/Forest Hills/Kew Gardens (361), Flushing (331), Jackson Heights/Elmhurst (272) and Richmond Hill/South Ozone Park/Woodhaven (255).
  • Bronx neighborhoods with most residential home sales this quarter were: Riverdale/Fieldston (116), Parkchester/Westchester Square/Castle Hill/Soundview (97 sales), City Island/Pelham Bay/Pelham Strip/Country Club/Throgs Neck/Schuylerville (87), and Woodlawn/Williamsbridge (76).

REBNY's report is the most comprehensive quarterly review of recorded transactions and includes data from all five boroughs.

For the full report visit www.rebny.com.

About The Real Estate Board of New York
The Real Estate Board of New York is the city's leading real estate trade association with more than 15,000 members. REBNY represents major commercial and residential property owners and builders, brokers and managers, banks, financial service companies, utilities, attorneys, architects, contractors and other individuals and institutions professionally interested in the city's real estate. REBNY is involved in crucial municipal matters including tax policy, city planning and zoning, rental conditions, land use policy, building codes and legislation. In addition, REBNY publishes reports providing indicators of market prices for both the residential and commercial sectors. Please visit us online at www.REBNY.com

Follow us on twitter | Become a Fan on facebook.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developm...
@ThingsExpo has been named the Top 5 Most Influential Internet of Things Brand by Onalytica in the ‘The Internet of Things Landscape 2015: Top 100 Individuals and Brands.' Onalytica analyzed Twitter conversations around the #IoT debate to uncover the most influential brands and individuals driving the conversation. Onalytica captured data from 56,224 users. The PageRank based methodology they use to extract influencers on a particular topic (tweets mentioning #InternetofThings or #IoT in this ca...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend @CloudExpo | @ThingsExpo, June 6-8, 2017, at the Javits Center in New York City, NY and October 31 - November 2, 2017, Santa Clara Convention Center, CA. Learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
DevOps and microservices are permeating software engineering teams broadly, whether these teams are in pure software shops but happen to run a business, such Uber and Airbnb, or in companies that rely heavily on software to run more traditional business, such as financial firms or high-end manufacturers. Microservices and DevOps have created software development and therefore business speed and agility benefits, but they have also created problems; specifically, they have created software securi...
Almost two-thirds of companies either have or soon will have IoT as the backbone of their business. Though, IoT is far more complex than most firms expected with a majority of IoT projects having failed. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, Chief IoTologist at Wipro, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology portfolios and business models to adopt and leverage IoT. He will delve in...
In the enterprise today, connected IoT devices are everywhere – both inside and outside corporate environments. The need to identify, manage, control and secure a quickly growing web of connections and outside devices is making the already challenging task of security even more important, and onerous. In his session at @ThingsExpo, Rich Boyer, CISO and Chief Architect for Security at NTT i3, will discuss new ways of thinking and the approaches needed to address the emerging challenges of securit...
One of the hottest areas in cloud right now is DRaaS and related offerings. In his session at 16th Cloud Expo, Dale Levesque, Disaster Recovery Product Manager with Windstream's Cloud and Data Center Marketing team, will discuss the benefits of the cloud model, which far outweigh the traditional approach, and how enterprises need to ensure that their needs are properly being met.
As cloud adoption continues to transform business, today's global enterprises are challenged with managing a growing amount of information living outside of the data center. The rapid adoption of IoT and increasingly mobile workforce are exacerbating the problem. Ensuring secure data sharing and efficient backup poses capacity and bandwidth considerations as well as policy and regulatory compliance issues.
In his session at 20th Cloud Expo, Chris Carter, CEO of Approyo, will discuss the basic set up and solution for an SAP solution in the cloud and what it means to the viability of your company. Chris Carter is CEO of Approyo. He works with business around the globe, to assist them in their journey to the usage of Big Data in the forms of Hadoop (Cloudera and Hortonwork's) and SAP HANA. At Approyo, we support firms who are looking for knowledge to grow through current business process, where even...
The emerging Internet of Everything creates tremendous new opportunities for customer engagement and business model innovation. However, enterprises must overcome a number of critical challenges to bring these new solutions to market. In his session at @ThingsExpo, Michael Martin, CTO/CIO at nfrastructure, outlined these key challenges and recommended approaches for overcoming them to achieve speed and agility in the design, development and implementation of Internet of Everything solutions with...
Cloud Expo, Inc. has announced today that Andi Mann and Aruna Ravichandran have been named Co-Chairs of @DevOpsSummit at Cloud Expo 2017. The @DevOpsSummit at Cloud Expo New York will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and @DevOpsSummit at Cloud Expo Silicon Valley will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Outlyer, a monitoring service for DevOps and operations teams, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Outlyer is a monitoring service for DevOps and Operations teams running Cloud, SaaS, Microservices and IoT deployments. Designed for today's dynamic environments that need beyond cloud-scale monitoring, we make monitoring effortless so you...
@DevOpsSummit has been named the ‘Top DevOps Influencer' by iTrend. iTrend processes millions of conversations, tweets, interactions, news articles, press releases, blog posts - and extract meaning form them and analyzes mobile and desktop software platforms used to communicate, various metadata (such as geo location), and automation tools. In overall placement, @DevOpsSummit ranked as the number one ‘DevOps Influencer' followed by @CloudExpo at third, and @MicroservicesE at 24th.
What are the new priorities for the connected business? First: businesses need to think differently about the types of connections they will need to make – these span well beyond the traditional app to app into more modern forms of integration including SaaS integrations, mobile integrations, APIs, device integration and Big Data integration. It’s important these are unified together vs. doing them all piecemeal. Second, these types of connections need to be simple to design, adapt and configure...