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Real estate prices are on the rise citywide and throughout the borough, according to a recent report.

Residential sales data published by the Real Estate Board of New York (REBNY) examines the average sales prices for cooperatives, condominiums and one- to three-family dwellings in the city and within each of the five boroughs. According to the study, the New York City residential sales market posted a record $13.6 billion in citywide total monetary value for completed home sales transactions in the third quarter of 2016 — a 15 percent rise when compared with the third quarter of 2015.

 

All five boroughs posted year-over-year increases in the average sales price for a home. In Queens, average sales price for a home (including cooperatives, condominiums and one- to three-family dwellings) increased 6 percent to $523,000, while home sales volume year-over-year increased a total of 7 percent to 4,303 units. Overall, total residential sales consideration rose 12 percent to $2.25 billion in the borough year-to-year.

When examining Queens neighborhoods, Flushing recorded the most condominium sales in Queens this quarter with 86 units — an increase of 28 percent from last year’s third quarter. The average sales price was listed at $518,000, which is a 6 percent increase year-over-year.

Long Island City recorded the highest average condo price per square foot for the quarter at $1,195, as well the as highest average co-op sale price coming in at $441,000.

When examining average one- to three-family dwelling sale prices, Long Island City was highest at $1,902,000, followed by Astoria at $1,093,000 and Jamaica Estates/Holliswood at $1,025,000.

“The record total transactional value and uptick in home sales completed this quarter represent the health of the residential market citywide,” said John Banks, III, REBNY president. “The slight pause felt last quarter was redirected through the hot summer season and this heightened activity sets us up for a promising remainder of 2016.”

The Real Estate Board of New York is the City’s leading real estate trade association which publishes reports providing indicators of market prices for both the residential and commercial sectors.

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