New York’s luxury market felt the winter chill in the fourth quarter of 2017, with the number of sales for homes over $5 million sliding 28% year-over-year, according to a report Wednesday by the Real Estate Board of New York.
During the fourth quarter of last year, there were 157 sales at and above $5 million in New York City, compared to the 217 sales registered in the final three months of 2016, according to the report.
So-called “affordable luxury homes” fared better. In fact, homes priced between $1 million and $3-million were the strongest performers for the quarter. There were 2,123 sales at this price range, increasing 11% year-over-year.
The $3-million-to-$5-million range also saw a 4% increase from last year’s 230, to 240 in the fourth quarter. In total, the city registered a record $49.9 billion in residential sales in 2017. In the previous year, total residential sales came to $46.6 billion, according to the board.
The average sales price for a home in New York City decreased 1% year-over-year to $917,000 in the fourth quarter. The average sales price of a home in Manhattan declined 7% from last year’s fourth quarter average, to $1.8 million.
“Average sales price growth in areas outside Manhattan offset this decline and led to year-over-year stability in the average sales price for a home in New York City,” John H. Banks, the board’s president, said in the report.
The average sales price of a Brooklyn home rose 5% to $901,000; in Queens, the average sales price increased 11% to $595,000. The Bronx saw a 7% increase to $422,000 while average home prices Staten Island increased to $524,000, up 8% compared to the fourth quarter of 2016.
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