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REBNY Report: Decline in NYC Home Sales Volume and Value Continues in 2Q18
August 9, 2018
Year-over-year decreases in citywide residential sales transactions and consideration continue for fourth consecutive quarter
The New York City residential sales market recorded an eight percent decrease in citywide consideration (monetary value for completed transactions) totaling $12.3 billion in the second quarter of 2018, compared with the second quarter of 2017, according to the Real Estate Board of New York’s (REBNY) Residential Sales Report.
This was the fourth consecutive quarter of year-over-year declines in New York City’s total residential sales consideration and transactions. The market has not experienced four quarters of consecutive year-over-year decreases since the third quarter of 2009. The $1 billion decrease in total citywide consideration registered in the second quarter of 2018, when compared to the second quarter of 2017, was smaller than the first quarter of 2018’s year-over-year drop of $2 billion.
In the second quarter of 2018, home sales volume decreased four percent to 12,262 transactions citywide. The total number of home sales fell 11 percent to 2,921 in Manhattan; 4 percent to 2,907 in Brooklyn; and 7 percent to 3,697 in Queens. Home sales in the Bronx increased seven percent to 1,097 and sales on Staten Island increased 16 percent to 1,640 in the second quarter of 2018.
The average sales price for a home (condominium, cooperative, and one-to-three family dwelling) in New York City decreased five percent year-over-year to $1,000,000 in the second quarter of 2018.
The average sales price of a home in Manhattan decreased five percent from the second quarter of 2017 to $2,034,000 in the second quarter of 2018. When compared to the second quarter of last year, the average sales price of a home: in Brooklyn, declined by three percent to $944,000; in Queens, grew by seven percent to $600,000; in the Bronx, increased three percent to $429,000; and in Staten Island, rose by eight percent to $539,000.
The largest decline in sales by price range was the $5 million and above category in which the number of home sales fell 27 percent year-over-year.
“The average sales price adjustments reflected in this report signal a natural cooling off interval after a very hot stretch, and the expansive demand for homes throughout the five boroughs,” said John H. Banks, REBNY President. “We have been coming off a period of record high residential sales prices, yet the market is still in a very positive place.”
HOME SALES BY PROPERTY TYPE
Condominium: The average sales price of a condominium unit in New York City decreased 10 percent to $1,707,000 in the second quarter of 2018 from $1,889,000 in the second quarter of 2017. The average sales price of a condo: in Manhattan, fell ten percent to $2,726,000; in Brooklyn, declined nine percent to $1,062,000; and in Queens, dipped two percent to $692,000 year-over-year.
Cooperative: The average sales price of a cooperative unit in New York City during the second quarter of 2018 was $808,000, up two percent from last year’s second quarter average. The average sales price of a co-op: in Manhattan, increased three percent to $1,311,000; in Brooklyn, rose three percent to $525,000; and in Queens, increased eight percent to $311,000. The average sales prices for co-op units in Manhattan and Queens were all-time highs for their respective boroughs.
One-the-Three Family Dwelling: The average sales price of a one-to-three family dwelling in New York City during the second quarter of 2018 was $790,000, a four percent increase from last year’s second quarter average of $757,000. The average sales price for a one-to-three family dwelling increased year-over-year by one percent to $1,036,000 in Brooklyn; six percent to $713,000 in Queens; eight percent to $516,000 in the Bronx; and seven percent to $564,000 in Staten Island.
NEIGHBORHOOD HIGHLIGHTS BY BOROUGH
Manhattan: In the second quarter of 2018, the average sales price of a condominium on the Upper West Side increased three percent to $2,816,000 compared to the second quarter of 2017. There were 225 sales of condominiums in the Upper West Side during the second quarter of 2018, an increase of 36 percent from the second quarter of last year.
Brooklyn: The average sales price of a Williamsburg condo increased four percent this quarter to $1,096,000 compared to the second quarter of 2017. The number of condo sales in the neighborhood this quarter decreased to 104 from 153 in the second quarter of 2017.
Queens: Flushing recorded the most condominium activity in Queens again this quarter with 96 sales, but that number was significantly lower than the 294 sales of Flushing condos recorded in the second quarter of 2017. The average sales price of a condo in Flushing was $837,000, a nine percent increase year-over-year.
The Bronx: Woodlawn / Williamsbridge had 117 one-to-three family dwelling sales this quarter, which was a six percent increase from the second quarter of 2017. The average sales price of a one-to-three family dwelling in the area was $464,000, an increase of nine percent year-over-year.