1st Quarter 2018 New York City Residential Sales Report

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The New York City residential sales market recorded a 16 percent decrease in citywide consideration (monetary value for completed transactions) totaling $10.3 billion in the first quarter of 2018, compared to $12.3 billion in the first quarter of 2017.

This was the third consecutive quarter of year-over-year declines in total residential sales consideration. The New York City residential sales market has not experienced three quarters of consecutive year-over-year decreases since the third quarter of 2009.  The $2 billion decrease in total consideration registered in the first quarter of 2018 was the largest year-over-year drop recorded since the third quarter of 2009.

Total residential sales consideration, measured quarterly, decreased in three of the five boroughs. During the first quarter of 2018, total residential sales consideration decreased from last year’s first quarter by: 30 percent to $4.61 billion in Manhattan; 12 percent to $2.36 billion in Brooklyn; and less than one percent to $711 million in Staten Island.  Total consideration increased 16 percent to $436 million in the Bronx and 7 percent to $2.21 billion in Queens.

Citywide home sales volume decreased 10 percent to 10,869 in the first quarter of 2018. The total number of home sales fell 20 percent to 2,417 in Manhattan; 15 percent to 2,466 in Brooklyn; 9 percent to 1,338 in Staten Island; and 4 percent to 3,650 in Queens.  Homes sales in the Bronx increased eight percent to 998 in the first quarter of 2018.

Despite declining home sales volume, the number of sales in the middle market sales price ranges of $500,000 to $1 million, and $1 million to $3 million, only fell three percent compared to number of sales in the same price ranges last year.  The largest decline in sales by price range was the $5 million category in which the number of sales fell 37 percent year-over-year.

The average sales price for a home (cooperatives, condominiums, and one-to-three-family dwellings) in New York City decreased seven percent year-over-year to $951,000 in the first quarter of 2018. 

The average sales price of a condominium in New York City decreased 20 percent year-over-year to $1.56 million.  The citywide condo average sales price decline was driven by a 17 percent decline in the Manhattan condo average sales price to $2,508,000 from the all-time high average sales price of $3,032,000.

All Homes

The average sales price of a home in New York City during the first quarter of 2018 was $951,000, a seven percent decrease from the first quarter of 2017.  The average sales price of a home in Manhattan decreased 11 percent from last year’s first quarter to $1,907,000.  When compared to the first quarter of last year, the average sales price of a home: in Brooklyn, rose by three percent to $957,000; in Queens, grew by 12 percent to $607,000; in the Bronx, increased seven percent to $437,000; and in Staten Island, rose by nine percent to $532,000.

Condominiums

The average sales price of a condominium unit in New York City decreased 20 percent to $1,566,000 in the first quarter of 2018 from $1,949,000 in the first quarter of 2017.  The average sales price of a condo in Manhattan was $2,508,000, a 14 percent decrease year-over-year.  The average sales price for a condo in Brooklyn during the first quarter of 2018 fell to $1,083,000, a five percent decrease year-over-year.  High priced sales in Flushing and Long Island City pushed up the average sales price for a condo unit in Queens during first quarter of 2018 to $698,000, a 16 percent increase year-over-year. 

Cooperatives

The average sales price of a cooperative unit in New York City during the first quarter of 2018 was $791,000, up 11 percent from last year’s first quarter average.  The average sales price of a coop: in Manhattan, increased 11 percent to $1,308,000; in Brooklyn, rose 14 percent to $531,000; and in Queens, increased 13 percent to $310,000.  The average sales prices for Manhattan and Queens both set all-time highs for their respective boroughs.

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 2018 was $791,000, a two percent increase from last year’s first quarter average and an all-time high for New York City. 

The average sales price for a one-to-three family dwelling in Queens, the Bronx, and Staten Island registered new record highs in the first quarter of 2018.  The average sales price for a one-to-three family dwelling: increased six percent to $717,000 in Queens; seven percent to $517,000 in the Bronx; and nine percent to $563,000 in Staten Island.  The average sales price for a one-to-three family dwelling in Brooklyn increased eight percent year-over-year to $1,064,000.

Manhattan Neighborhood Highlights

In the first quarter of 2018, the average sales price of a condominium in Midtown West increased five percent to $2,025,000 compared to the first quarter of 2017.  There were 113 sales of condominiums in Midtown West during the first quarter of 2018, a decrease of 28 percent from the first quarter of last year.

Sales of cooperative units on the Upper East Side decreased nine percent this quarter to 365 compared to 400 in the first quarter of 2017. The average sales price of a coop unit on the Upper East Side increased 11 percent to $1,662,000.

Brooklyn Neighborhood Highlights

The average sales price of a Williamsburg condo decreased one percent this quarter to $1,189,000 compared to the first quarter of 2017. The number of condo sales in the neighborhood this quarter decreased to 112 from 169 in the first quarter of 2017.

In Canarsie, the average sales price of a one-to-three family dwelling increased nine percent to $550,000 compared to the first quarter of last year.  Year-over-year, the number of one-to-three family dwelling sales in Canarsie increased 14 percent to 106.

Queens Neighborhood Highlights

Flushing recorded the most condominium activity in Queens again this quarter with 123 sales, a 19 percent decrease from the first quarter of 2017.  The average sales price of a condominium in Flushing was $865,000, a 22 percent increase year-over-year.

Rego Park / Forest Hills / Kew Gardens had 255 cooperative unit sales in the first quarter of 2018, an 18 percent decrease from the first quarter of last year.  The average sales price of a cooperative unit in Rego Park / Forest Hills / Kew Gardens was $339,000, a 14 percent increase from the first quarter of last year.

The number of one-to-three family home sales in Springfield Gardens / Jamaica/ South Jamaica / Baisley Park increased 15 percent to 329 sales this quarter compared to last year. Year-over-year, the average sales price of a one-to-three family home in the area increased 10 percent to $478,000.

Bronx Neighborhood Highlights

There were 119 one-to-three family home sales in City Island / Pelham Bay / Pelham Strip / Country Club / Throgs Neck / Schuylerville this quarter, a 10 percent increase year-over-year. The average sales price of a one-to-three family dwelling in the area was $552,000, an increase of 14 percent from the first quarter of 2017.

Parkchester / Westchester Square / Castle Hill / Soundview had 110 one-to-three family dwelling sales this quarter, which is a one percent increase from the first quarter of 2017.  The average sales price of a one-to-three family dwelling in the area was $474,000, an increase of four percent year-over-year.

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