In the first quarter of this year, Bronx home sales grew 19.3 percent, from 228 to 272 sales year-over-year. Bronx’s sales growth outpaces the impressive state-wide progress that marks the strongest start to the housing market in a decade, according to the New York State Association of Realtors.
State-wide sales grew almost 17 percent between the first quarter of 2015 and the first quarter of 2016, the report says, with first quarter growth being the highest since 2007, at 23,932 closed sales across the state of New York.
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“Building on the momentum of the 2015 market, home sales continued to grow at a robust pace in the first quarter of 2016,” said Duncan R. MacKenzie, CEO of the New York State Association of Realtors. “We anticipate this trend will continue as consumer confidence in the economy and in the value of homeownership remain on an upward trajectory.”
Kings County (Brooklyn) did not fare as well on a quarterly scale, with a 13.3 percent drop in closed sales, down to 405 from 467 in 2015. However, Queens had a 2.4 percent jump, up to 1,974 sales last quarter from 1,927 in the first quarter of 2015.
State and city prices strong
The median sales price in New York was $230,000 — nearly a 1 percent jump from one year ago. Bronx home prices grew 7 percent in the first quarter, from $287,500 to $307,500.
The median sales price grew in Brooklyn by 16 percent last quarter, reaching $455,000 from $392,200 last year. Queens had marginal growth at a 4.9 percent increase, hitting a median price of $430,000 from a previous $410,000.
A closer look at March
State sales were up 9.1 percent in March compared to a year ago, hitting 8,123 transactions. In the Bronx, March sales grew a whopping 33.3 percent, from 78 sales last year to 104 sales this year.
The median sales price as of March in the Bronx was was $315,000 — a 7.2 percent jump from last year’s price of $293,750. The state-wide median sales price grew 3.2 percent year-over-year in March, reaching $230,000 from a previous $222,825.
Similar to the quarterly trend for Brooklyn, closed sales plunged in March in the borough by 10.1 percent, from 158 in March of 2015 to 142 last month. The median sales price in Brooklyn grew slightly by .3 percent, reaching $466,250.
Closed sales declined in Queens in March by 6.5 percent, hitting 646 from 691 in March 2015. Median sales price rose 3.8 percent in the borough to reach $415,000.
Pending sales, low inventory = time to sell
As NYSAR notes, growing pending sales and low inventory represents an opportune moment for sellers who can capitalize on rising values. Pending sales grew almost 23 percent compared to the first quarter of 2015 across the state.
In the Bronx, new listings dropped by 4.6 percent in the quarter while homes for sale fell to 777 — a 22.1 percent plunge. Month’s supply dramatically fell by 38.9 percent to 6.6 months, which is still healthy, but much more inclined to cause competition amongst buyers due to less supply and more demand.
“With first quarter pending home sales also posting double-digit growth, the number of homes listed for sale will bear watching as the market moves into the spring with its traditional seasonal increase in buyer demand,” MacKenzie said. “With inventory levels at their lowest in a decade, it’s a very good time for sellers who have been on the sidelines to take advantage of the active market.”
