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Sales Spike In The Bronx and Staten Island As NYers Seek Affordability

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Based on REBNY's report for the first quarter of 2016

Home sales on Staten Island, and the Bronx experienced significant gains compared to the rest of the city, the New York Post reports, based on recent findings released by the Real Estate Board of New York (REBNY). Sales in the Bronx and Staten Island increased by 35 percent in the first quarter of 2016.

"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," sJohn Banks, III, the president of REBNY, said in a press release. "The demand for housing continues to resonate throughout New York City and the strong residential sales activity throughout the city is driving healthy overall price increases."

A total of 11,827 homes — this includes co-ops, condos, and one-to-three family dwellings — were sold across the city in the first quarter. This is a five percent increase from the same time frame last year.

In the Bronx and Staten Island, sales were driven particularly by one-to-three family homes with a 24 percent increase for the former and a 31 percent increase for the latter.

Manhattan and Brooklyn continued to have the highest average homes sales prices, but the volume of sales declined slightly by two percent and four percent respectively.

The overall average sales price of a home in the city increase by one percent to $911,000 from the previous $898,000.

The trend in the Bronx and on Staten Island can be attributed to more people being priced out of Manhattan and Brooklyn, and others still who are cashing out from these boroughs and getting more affordable pads in the Bronx and Staten Island, according to the Post.