The Real Estate Board of New York released its 2014 fourth quarter home sales report for the five boroughs on Tuesday, which showed that homebuyers spent nearly $10 billion in New York City during the final three months of the year.
Since a ton of cash was spent, here are five interesting and maybe surprising facts pulled from the report showing how Queens fits into the big picture:
Homebuyers spent 10 percent more money in Queens, the city’s most diverse borough, in the fourth quarter of 2014 than the previous quarter, accounting for $1.78 billion. Brooklyn, the city’s most populous borough, had total sales of $1.97 billion in the quarter, which results in a drop of 1.43 percent from the third quarter. Of course Manhattan leads the pack, but saw a major drop of 22.56 percent from the third quarter with just $5.3 billion in home sales.
Up, up and away
The prices of homes in the borough are definitely moving on up. The average sales price of a home in Queens was $463,000, up 7 percent from the fourth quarter in 2013. However, this pales in comparison to Manhattan and Brooklyn. The average price in Manhattan increased a whopping 19 percent from last year to $1.65 million, and people actually paid 15 percent more for a home in Brooklyn at an average price of $713,000. Fuhgeddaboudit!
Condos in “The World’s Borough” actually saw a decrease in prices, the report found. The average price of a condominium in Queens decreased 3 percent to $477,000. This is drastically different from “skyscraper world,” otherwise known as Manhattan, where prices for condos rose year over the year, increasing 37 percent to an average of $2.33 million.
Flushing in first
The report showed that the combined neighborhoods of Rego Park, Forest Hills and Kew Gardens had the most home sales with 443 in the fourth quarter. But to be fair, Flushing, which was counted alone, should take home the crown for most sales. The neighborhood recorded 401 home sales in the quarter.
And the winners are….
The area in Queens with the highest percent increase in the fourth quarter of 2014 over the year included the Howard Beach and Broad Channel neighborhoods, which saw a 25 percent jump in home prices to an average of $427,000. Long Island City had the most expensive prices with an average of $915,000.
Click here to read the full report.