NY TIMES real estate is reporting a record 3% price increase on its market in the Brooklyn borough.
The firm’s report on Thursday said it sold $2.7 million worth of homes in the boroughs boroughs of Bedford-Stuyvesant, Bedford-Bronx, and Brooklyn-Queens.
The price of a home in Manhattan, meanwhile, is down nearly 7% from last year’s $1.2 million to $1,206,936.
It said it added 8,000 new listings for the borough, which had seen 5,400 new listings in the first half of the year.
New York is on track to be the biggest seller of homes for the first quarter in history, and analysts expect a 2% rise in sales in the next three months, according to the firm.
In its earnings call on Thursday, NY TIMS said it had more than doubled the number of properties it sold in Manhattan since the beginning of the financial crisis, with the number growing from 1,800 to 5,000.
New Yorkers were buying $2,800 more in homes in Brooklyn in the quarter than in the same period last year, the report said.
“New York’s property market is clearly experiencing a housing boom, but we believe it is more about how consumers are choosing to spend their money, not necessarily whether they are buying the same type of homes,” the report stated.
At least 30% of sales are expected to be in Manhattan.
NYS is predicting that the sales of new single-family homes and condos will grow at a 2.7% annual rate over the next two years, a rate of growth that compares with a 4% increase in residential sales in 2015, according the report.
Meanwhile, the number sold in the city of New York fell slightly from a year ago, the firm said.
The average price of an average single-story home in the state fell 3.7%, and the average price per square foot of a single-bedroom home dropped 3.1%.
The number of sales fell 5.6% in the year to December, according a report from real estate research firm CBRE.