Co-op and Condo Prices Jumped 10 Percent in Past Year
July 19, 2016 — Middle market joins high end in boosting prices across the city.
The average sale prices of co-ops, condos, and one- to three-family homes in the five boroughs shaded into seven figures in the second quarter of 2016, reaching $1,018,000, according to the Real Estate Board of New York (REBNY). It marks an increase of 10 percent from the second quarter a year ago – and the highest average since REBNY started compiling quarterly sales data a decade ago, am New York reports.
REBNY President John Banks III said the jump cannot be attributed solely to stratospheric sales figures along Billionaires’ Row, which now appear to be drying up.
“While high-end Manhattan sales drove up the average sales price, the continuous demand for middle-market homes is pulling the median sales price of homes higher as well,” Banks said.
In Midtown East, the average condo price nearly doubled in the past year, to $4.9 million, while the average condo price tumbled by 13 percent, to $937,000, in Williamsburg, Brooklyn. Blame it on the impending shutdown of the L train.