REBNY Report: Bronx Prices Rise in Adjusting NYC Residential Sales Market

The average sales price of a home (condominium, cooperative, and one-to-three family dwelling) in New York City during the fourth quarter of 2018 was $938,000, a two percent increase from the fourth quarter of 2017, according to the Real Estate Board of New York’s (REBNY) Residential Sales Report.

The average sales price for a home in the Bronx rose 12 percent to $472,000 in the fourth quarter of 2018 from $422,000 in the fourth quarter of 2017. Bronx residential sales consideration (monetary value for completed home sales transactions) increased seven percent year-over-year to $486 million from $455 million in the fourth quarter of 2017.

Citywide residential sales consideration totaled $10.3 billion in the fourth quarter of 2018, a three percent decrease from the fourth quarter of 2017. Year-over-year, residential sales consideration declined by seven percent to $4.46 billion in Manhattan, one percent to $2.38 billion in Brooklyn, and two percent to $2.30 billion in Queens.

The total number of home sales in New York City decreased five percent to 11,063 in the fourth quarter of 2018 compared to the fourth quarter of 2017. Year-over-year, the total number of home sales declined eight percent to 2,445 in Manhattan; five percent to 2,527 in Brooklyn; six percent to 3,701 in Queens; and five percent to 1,030 in the Bronx.  Home sales in Staten Island increased six percent to 1,360 in the fourth quarter of 2018 compared to the fourth quarter of 2017.

“Despite the softening in residential sales activity, citywide economic fundamentals remained strong at the close of 2018,” said John H. Banks, REBNY President. “The continued demand for homes was demonstrated by average sales price growth throughout the five boroughs and most notably in the Bronx.”

In Manhattan, the average sales price of a home increased one percent year-over-year to $1,824,000.  When compared to the fourth quarter of 2017, the average sales price of a home: in Brooklyn, rose by four percent to $940,000; in Queens, grew by four percent to $621,000; and in Staten Island, increased by six percent to $555,000 in the fourth quarter of 2018.

HOME SALES BY PROPERTY TYPE

Condominiums: The average sales price of a condominium unit in New York City rose three percent year-over-year to $1,618,000 in the fourth quarter of 2018.  The average sales price of a condo increased five percent year-over-year to $2,532,000 in Manhattan and four percent to $1,051,000 in Brooklyn. In Queens, the average sales price of a condo decreased ten percent to $630,000 in the fourth quarter of 2018.

Cooperatives: The average sales price of a cooperative unit in New York City during the fourth quarter of 2018 was $766,000, up four percent from 2017’s fourth quarter average. Year-over-year, the average sales price of a coop in Manhattan increased by one percent to $1,239,000; in Brooklyn, rose less than one percent to $525,000; and in Queens, grew six percent to $318,000.

One-the-Three Family Dwellings: The average sales price of a one-to-three family dwelling in New York City during the fourth quarter of 2018 was $796,000, a three percent increase from 2017’s fourth quarter average. The average sales price for a one-to-three family dwelling grew five percent to $1,049,000 in Brooklyn; five percent to $743,000 in Queens; eight percent to $556,000 in the Bronx; and six percent to $583,000 in Staten Island compared to the fourth quarter of 2017.

NEIGHBORHOOD HIGHLIGHTS BY BOROUGH

Manhattan: Sales of cooperative units on the Upper West Side increased 11 percent to 285 in the fourth quarter of 2018 compared to 256 in the fourth quarter of 2017. The average sales price of a coop unit on the Upper West Side decreased 14 percent year-over-year to $1,284,000.

Brooklyn: In East Flatbush, the average sales price of a one-to-three family dwelling rose 11 percent year-over-year to $615,000.  The number of one-to-three family dwelling sales in the neighborhood increased 15 percent to 110 in the fourth quarter of 2018.

Queens: The number of one-to-three family dwelling sales in Springfield Gardens / Jamaica/ South Jamaica / Baisley Park increased nine percent to 356 sales in the fourth quarter of 2018 when compared to the fourth quarter of 2017. Year-over-year, the average sales price of a one-to-three family dwelling in the area grew 12 percent to $500,000.

The Bronx: There were 138 one-to-three family dwelling sales in City Island / Pelham Bay / Pelham Strip / Country Club / Throgs Neck / Schuylerville in the fourth quarter of 2018, a 10 percent increase year-over-year. The average sales price of a one-to-three family dwelling in the area was $571,000, an increase of seven percent from the fourth quarter of 2017.

Staten Island: In the fourth quarter of 2018, there were 132 one-to-three family dwelling sales in Great Kills, a three percent increase year-over-year. The average sales price of a one-to-three family dwelling in the area was $582,000, up seven percent from the fourth quarter of 2017.

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