A report released by the Real Estate Board of New York (REBNY) focused on the city’s residential market in the second quarter of 2017 found that there were a record number of home sales in the borough and that prices surged this quarter.
The New York City Residential Sales Report analyzed home prices in each borough for condominiums, cooperatives and one- to three-family houses. Overall, sales prices in the city increased three percent since last year to $1,050,000. The number of home sales also increased 15 percent to 12, 721.
In Queens, the number of home sales between April 1 through June 30 jumped 17 percent since the same time last year. A total of 3, 984 home sales were made during that time period.
The average price of a condominium in the borough rose to $678,000, a 27 percent increase since the same time last year. The average sales price of a cooperative in Queens rose ten percent, reaching a record high of $288,000 and one- to three-family home prices rose by five percent to $661,000.
Flushing recorded the most condominium sales during the second quarter of 2017 – 294, which is four times the number recorded during the same time last year. The average sales price of a condominium in the neighborhood was $766,000, a 41 percent increase since last year, mostly due to sales at Flushing Commons, The Grand and Parkside Tower.
Rego Park, Forest Hills and Kew Gardens experienced a 24 percent increase in cooperative sales, with 299 sales during the second quarter. The average sales price of a co-op, $314,000, represents a seven percent increase since last year.
Neighborhoods that saw the largest sales in one- to three-family homes include Richmond Hill, South Ozone Park and Woodhaven. Collectively, the area saw a 46 percent increase in home sales with 357 sales in the second quarter compared to last year. The average price of a one- to three-family home in the area increased by three percent to $505,000.
Neighborhoods such as Astoria also saw an increase in the price of condominium prices, where the average price jumped 27 percent to $678,000. Cooperative unit prices rose 10 percent while one- to three-family home prices spiked by 5 percent.
The Rockaways saw a decrease in home prices in all three categories. The average price of a condominium declined by 45 percent from $382,000 in 2016 to $210,000 in 2017. The average price of a cooperative unit dropped 29 percent to $128,000 and the average price of a one- to three-family home decreased by three percent.