{"id":21499,"date":"2016-04-13T07:32:33","date_gmt":"2016-04-13T11:32:33","guid":{"rendered":"http:\/\/www.propertyshark.com\/Real-Estate-Reports\/?p=21499"},"modified":"2016-05-17T11:00:39","modified_gmt":"2016-05-17T15:00:39","slug":"nyc-luxury-real-estate-market-boosts-q1-2016","status":"publish","type":"post","link":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2016\/04\/13\/nyc-luxury-real-estate-market-boosts-q1-2016\/","title":{"rendered":"Spectacular Growth in NYC Luxury Real Estate Market Boosts Q1 2016"},"content":{"rendered":"<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Quarterly_Report_on_the_Residential_Market_Finds_Luxury_Sales_Pushing_Up_Median_Prices\"><\/span>Quarterly Report on the Residential Market Finds Luxury Sales Pushing Up Median Prices<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Residential_Market_Highlights\"><\/span>Residential Market Highlights:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>The luxury market recorded a spectacular Y-o-Y transaction growth in Manhattan: <strong>59%<\/strong> more properties sold for\u00a0over $3 million<\/li>\n<li>Median home prices in\u00a0NYC (excluding Staten Island) rose by 12% Y-o-Y, reaching $595,000<\/li>\n<li>NYC: overall,\u00a0the price per square foot was up by 13% since last year\u2019s Q1<\/li>\n<li>The total number of transactions was up 7% from Q1 2015 (8,615 transactions in 2016)<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Peak_median_prices_make_for_the_best_Q1_in_years\"><\/span>Peak\u00a0median prices make for the best Q1\u00a0in years<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">The numbers for Q1 2016 were\u00a0impressive when it comes to median home prices. The market (covering Manhattan, Brooklyn, Queens and the Bronx) was at its highest point in four years, even exceeding last year\u2019s peak Q3 and reaching $595,000. While the number of transactions was down from the previous quarter, this year\u2019s Q1 recorded the best seasonal performance in the past four years, though not by a lot. \u00a0The median price\/sq. ft was also up 13% Y-o-Y and settled at $630.<\/p>\n<p style=\"text-align: justify;\">Here\u2019s the evolution of median sale prices and transaction volumes\u00a0since Q1 2012:<\/p>\n<p><a href=\"http:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2016\/04\/nyc-resid1.png\"><img loading=\"lazy\" decoding=\"async\" class=\"  wp-image-21508 aligncenter\" src=\"http:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2016\/04\/nyc-resid1.png\" alt=\"nyc resid\" width=\"807\" height=\"473\" srcset=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2016\/04\/nyc-resid1.png 942w, https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2016\/04\/nyc-resid1.png?resize=300,176 300w, https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2016\/04\/nyc-resid1.png?resize=768,450 768w\" sizes=\"auto, (max-width: 807px) 100vw, 807px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\">To take a look at Manhattan alone, the median home price here went up by an impressive\u00a0<strong>24%<\/strong>. Over 3,400 sales were closed, almost twice as much as in Brooklyn and 10% more than in the first quarter of last year. However, the rise in median price per square foot\u00a0was at a modest 7%.<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2016\/04\/Capture.png\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-21580\" src=\"http:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2016\/04\/Capture.png\" alt=\"Capture\" width=\"606\" height=\"374\" srcset=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2016\/04\/Capture.png 606w, https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2016\/04\/Capture.png?resize=300,185 300w\" sizes=\"auto, (max-width: 606px) 100vw, 606px\" \/><\/a><\/p>\n<p style=\"text-align: justify;\">The Brooklyn residential market has also been performing\u00a0well, with a Y-o-Y rise in median home prices of <strong>11%<\/strong>. Even more so, at $560, the median price per square foot was 17% higher\u00a0last quarter than one year ago. Growth in the number of transactions is still on the positive side, but lagging behind the soaring growth seen in Manhattan.<\/p>\n\n<table id=\"tablepress-80\" class=\"tablepress tablepress-id-80\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\">Borough<\/th><th class=\"column-2\">Median Sale Price<\/th><th class=\"column-3\">\u0394YoY<\/th><th class=\"column-4\">Median Sale Price\/ sqft<\/th><th class=\"column-5\">\u0394YoY<\/th><th class=\"column-6\">Number of Transactions<\/th><th class=\"column-7\">\u0394YoY<\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\">Manhattan<\/td><td class=\"column-2\">$1,150,000<\/td><td class=\"column-3\">24%<\/td><td class=\"column-4\">$1,309<\/td><td class=\"column-5\">7%<\/td><td class=\"column-6\">3,422<\/td><td class=\"column-7\">10%<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\">Brooklyn<\/td><td class=\"column-2\">$594,000<\/td><td class=\"column-3\">11%<\/td><td class=\"column-4\">$560<\/td><td class=\"column-5\">17%<\/td><td class=\"column-6\">1,873<\/td><td class=\"column-7\">5%<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">Queens<\/td><td class=\"column-2\">$352,183<\/td><td class=\"column-3\">2%<\/td><td class=\"column-4\">$398<\/td><td class=\"column-5\">19%<\/td><td class=\"column-6\">2,805<\/td><td class=\"column-7\">5%<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\">Bronx<\/td><td class=\"column-2\">$240,000<\/td><td class=\"column-3\">-4%<\/td><td class=\"column-4\">$219<\/td><td class=\"column-5\">6%<\/td><td class=\"column-6\">515<\/td><td class=\"column-7\">9%<\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\">NYC (excl. Staten Island)<\/td><td class=\"column-2\">$595,000<\/td><td class=\"column-3\">12%<\/td><td class=\"column-4\">$630<\/td><td class=\"column-5\">13%<\/td><td class=\"column-6\">8,615<\/td><td class=\"column-7\">7%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<!-- #tablepress-80 from cache -->\n<h3><\/h3>\n<h3><span class=\"ez-toc-section\" id=\"Luxury_sales_in_ever_higher_demand\"><\/span>Luxury sales in ever higher demand<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\">Q1 2016\u00a0continues last year\u2019s positive trend in the Manhattan luxury market, as<strong> 59%<\/strong> more properties worth $3 million and upwards were traded than in Q1 2015. \u00a0The change is just as\u00a0remarkable when looking at quarterly shifts: a <strong>15%<\/strong> increase in transactions from the last quarter of 2015. However, the median sale price increased only slightly (7%), despite the\u00a0growing demand.<\/p>\n<p><a href=\"http:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2016\/04\/Capture-21.png\"><img loading=\"lazy\" decoding=\"async\" class=\" size-full wp-image-21582 aligncenter\" src=\"http:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2016\/04\/Capture-21.png\" alt=\"Capture 2\" width=\"572\" height=\"432\" srcset=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2016\/04\/Capture-21.png 572w, https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2016\/04\/Capture-21.png?resize=300,227 300w\" sizes=\"auto, (max-width: 572px) 100vw, 572px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\">The year started out strongly market-wide, with growth spurts in transactions for all four boroughs covered in this report. Sales numbers were\u00a0better than for any Q1 in the past four years, while median luxury home prices in Manhattan\u00a0reached a new record high,\u00a0drawing closer to\u00a0the $5,000,000 threshold.<\/p>\n<p>&nbsp;<\/p>\n<hr \/>\n<p style=\"text-align: justify;\">Methodology:<\/p>\n<p style=\"text-align: justify;\">Figures\u00a0used to compile this report were collected by PropertyShark from public sources recording closed sales between\u00a0January 1, 2012 and March 31, 2016. Properties covered by this report include single-family homes, condos and coop units only. The numbers for Q1 2016 were adjusted upwards by 21%, based on historical trends observed using in-house data, in order to take into account sales left unrecorded at the time of the report.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Quarterly Report on the Residential Market Finds Luxury Sales Pushing Up Median Prices Residential Market Highlights: The luxury market recorded a spectacular Y-o-Y transaction growth in Manhattan: 59% more properties sold for\u00a0over $3 million Median home prices in\u00a0NYC (excluding Staten Island) rose by 12% Y-o-Y, reaching $595,000 NYC: overall,\u00a0the price per square foot was up&hellip;<\/p>\n","protected":false},"author":45,"featured_media":21926,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[328],"tags":[],"class_list":["post-21499","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-new-york-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NYC Luxury Real Estate Market Boosts Q1 2016 | PropertyShark<\/title>\n<meta name=\"description\" content=\"Sales numbers were better than for any Q1 in the past 4 years and luxury home prices in Manhattan reached a record high, drawing closer to the $5M threshold\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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