1st Quarter 2019 New York City Residential Sales Report

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After six consecutive quarters of year-over-year declines, the New York City residential sales market recorded an increase of $118.5 million (1.5%) to $10.5 billion in citywide consideration (monetary value for completed transactions) in the first quarter of 2019, compared with the first quarter of 2018.

Growth in Manhattan and the Bronx drove the majority of the increase in total residential sales consideration. Compared to the first quarter of 2018, total consideration in the first quarter of 2019 increased 10% to $5.08 billion in Manhattan and 7% to $465 million in the Bronx. At the same time, the total residential sales consideration decreased by 5% to $2.25 billion in Brooklyn, 9% to $2.01 billion in Queens, and 4% to $682 million in Staten Island.

While total consideration increased, citywide residential sales transactions declined by 4% to 10,382 transactions in the first quarter of 2019 compared to the first quarter of 2018. Year-over-year, the total number of residential sales decreased by 2% to 2,429 in Brooklyn, 9% to 3,317 in Queens, and 9% to 1,221 in Staten Island. The number of residential sales in Manhattan and the Bronx remained flat (≈ 0%) year-over-year at 2,419 and 997 respectively.

In the first quarter of 2019, the number of sales decreased in four of the five sales ranges tracked by REBNY. Decreases in sales volume occurred in the $100,000 to $500,000 (-9%), 1 million to 3 million (-5%), 3 million to 5 million (-7%), and 5 million+ (-7%) brackets. Whereas, the sales volume in the $500,000 to 1 million bracket remained flat year-over-year.

 

ALL HOMES

The average sales price of a home in New York City during the first quarter of 2019 was $1,011,000, a 6% increase from the first quarter of 2018. In the first quarter of 2019, the average sales price of a home in Manhattan increased 10% to $2,102,000, in Staten Island increased by 5% to $559,000, and increased 7% to $467,000 in the Bronx. Year-over-year, the average sales price of a home in Brooklyn declined by 3% to $926,000 and remained flat in Queens at $606,000.

 

CONDOMINIUMS

In the first quarter of 2019, the average sales price of a condominium unit in New York City increased 20% year-over-year to $1,877,000. The average sales price of a condominium increased in Manhattan by 25% to $3,143,000, and by 32% to $316,000 in the Bronx. The average sales prices of a condominium declined in Queens by 7% to $646,000 and in Brooklyn by 10% to $974,000.

 

COOPERATIVES

The average sales price of a cooperative unit in New York City during the first quarter of 2019 was $802,000, which remained stable compared to the first quarter of 2018. The average sales price of a cooperative in Manhattan declined by 2% to $1,286,000. Average sales prices for cooperatives in Brooklyn, Queens, and the Bronx remained stable at $539,000, increased 3% to $318,000, and remained stable at $246,000, respectively.

 

ONE-TO-THREE FAMILY DWELLINGS

The average sales price of a one-to-three family dwelling in New York City during the first quarter of 2019 was $797,000, which remained stable from the first quarter of 2018. The average sales price for a one-to-three family dwelling increased by 6% year-over-year to $547,000 in the Bronx, remained stable at $726,000 in Queens, and 4% to $587,000 in Staten Island. In Brooklyn, one-to-three family dwelling average sales prices remained flat at $1,054,000 in the first quarter of 2019.

 

MANHATTAN NEIGHBORHOOD HIGHLIGHTS

In first quarter of 2019, the total consideration in Manhattan was $5.08 billion, a 10% increase from the first quarter of 2018. Manhattan total consideration is skewed by the $240 million condominium sale at 220 Central Park South. Removing this specific sale, the total consideration in Manhattan for the first quarter of 2019 was $4.84 billion, a 5% increase from the first quarter of 2018.

Additionally, in Midtown West, the $240 million condominium sale at 220 Central Park South drove up statistical measures for the neighborhood. Removing this sale, the average price of a condominium unit in Midtown West increased 83% year-over-year to $3,709,000. This percent increase is further skewed by nine other condominium sales above the $20 million price point at 220 Central Park South, 768 5th Avenue (The Plaza) and 157 West 57th Street.

Unlike Midtown West, in the first quarter of 2019, the average sales price of a condominium the Upper West Side decreased 7% to $2,286,000 compared to the first quarter of 2018. There were 125 condominium sales in the Upper West Side during the first quarter of 2019, a decrease of 29% from the first quarter of last year.

 

BROOKLYN NEIGHBORHOOD HIGHLIGHTS

The total consideration in Brooklyn was $2.25 billion, a 5% year-over-year decline from the first quarter of 2018. Condominium sales averaged $974,000 across the borough, a 10% decline since the first quarter of 2018.

In the first quarter of 2019, the average sales price of a Williamsburg condominium decreased 9% year-over-year to $1,080,000 with a total of 91 transactions, or a 19% decline in sales volume. Out of all Brooklyn neighborhoods, Williamsburg recorded the most amount of condominium activity this quarter.

 

QUEENS NEIGHBORHOOD HIGHLIGHTS

In Queens, the total consideration in the first quarter of 2019 was $2.01 billion, a 9% year-over-year decline. Out of all Queens neighborhoods, Flushing recorded the most amount of condominium activity with 91 transactions, a 26% decline compared to the first quarter of 2018. The average sales price for a condominium unit in Flushing was $555,000, a 36% decline year-over-year.

Rego Park / Forest Hills / Kew Gardens recorded 249 cooperative sales in the first quarter of 2019, a 2% decrease from the first quarter of 2018. The average sales price of a cooperative unit in the area was $349,000, a 3% year-over-year increase. Rego Park / Forest Hills / Kew Garden also had the second most amount of condominium activity with 56 transactions, over double the activity and a 26% increase in sales price year-over-year.

 

BRONX NEIGHBORHOOD HIGHLIGHTS

In the first quarter of 2019, the total consideration in the Bronx increased 7% year-over-year to $456 million. In total, condominium sales consisted of 102 transactions in the Bronx at an average price of $316,000, an increase of 32% year-over-year.

City Island / Pelham Bay / Pelham Strip / Country Club / Throgs Neck / Schuylerville recorded 122 one-to-three family dwelling sales, a 3% increase compared to the first quarter of 2018. The average sales price of a one-to-three family dwelling in the area was $547,000, which remained stable year-over-year.

 

STATEN ISLAND NEIGHBORHOOD HIGHLIGHTS

Total consideration in the first quarter of 2019 was $682 million in Staten Island, a 4% decline compared to the first quarter of 2018. Staten Island accounts for 7% of the New York City total consideration.

In the first quarter of 2019, there were 1,086 one-to-three family dwelling sales, a decrease of 7% year over year. This accounts for 89% of the total residential transactions in Staten Island.

 

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