AgentMarkets & Economy

Bronx and Staten Island home sales surging, says REBNY

Home sales increased 35 percent in both boroughs in the first quarter
  • Bronx and Staten Island homes sales volume were largely spurred by one-to-three family dwellings in co-ops and condominiums
  • Staten Island and the Bronx pulled substantial weight in the absence of Brooklyn, where sales volume decreased by 4 percent, bringing home sales in the first quarter to 2,806 in total.
  • Across NYC, 11,827 homes were sold in the first quarter — a 5 percent increase from the prior quarter.
  • Overall, the average sales price of all NYC homes increased 1 percent, from $898,000 in the first quarter of 2015 to $911,000 in the first quarter this year.

Booming Bronx and Staten Island home sales activity helped fortify the New York City real estate market pre-Spring, says the Real Estate Board of New York’s (REBNY) First Quarter 2016 Residential Sales Report. Bronx and Staten Island homes sales volume were largely spurred by one-to-three family dwellings in co-ops and condominiums, according to REBNY. Bronx one-to-three family home sales rose 24 percent year-over-year, reaching 699 sales in the first quarter, while Staten Island’s rose 31 percent to reach 1,021 sales. Bronx and Staten Island had a total of 989 and 1,1195 home sales in the first quarter, respectively. “With growing interest and activity, particularly in the Bronx and Staten Island, home buyers are finding and being attracted to more options at various price levels throughout all five boroughs,” REBNY President John H. Banks III said. Staten Island and the Bronx pulled substantial weight in the absence of Brooklyn, where sales volume decreased by 4...