2nd Quarter 2018 New York City Residential Sales Report

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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.

This was the fourth consecutive quarter of year-over-year declines in total residential sales consideration. The New York City residential sales market has not experienced four quarters of consecutive year-over-year decreases since the third quarter of 2009.  The approximately $1 billion decrease in total consideration during the second quarter of 2018 was smaller than the previous quarter’s year-over-year drop of $2 billion.

Despite the year-over-year consecutive decreases in citywide total consideration, this quarter was among the highest in total consideration recorded since the second quarter of 2006.  The $12.3 billion in citywide total consideration recorded was the sixth highest recorded out of the 49 quarters REBNY has analyzed.  The second quarter of 2017, which this quarter is measured against, was the third highest quarter for total consideration on record.

Total residential sales consideration decreased in three of the five boroughs year-over-year. During the second quarter of 2018, total residential sales consideration decreased from last year’s second quarter by: 15 percent to $5.94 billion in Manhattan; seven percent to $2.74 billion in Brooklyn; and less than one percent to $2.21 billion in Queens.  Total consideration increased 10 percent to $470 million in the Bronx and 25 percent to $883 million in Staten Island. 

Citywide home sales volume decreased four percent to 12,262 sales in the second quarter of 2018. 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.

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 and above category in which the number of sales fell 27 percent year-over-year.

The average sales price for a home (cooperatives, condominiums, and one-to-three-family dwellings) 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 condominium in New York City decreased 10 percent year-over-year to $1,707,000.  The citywide condo average sales price decline was driven by a 10 percent decline in the Manhattan condo average sales price to $2,726,000 from 2017’s second quarter average sales price of $3,023,000. 

All Homes

The average sales price of a home in New York City during the second quarter of 2018 was $1,000,000, a five percent decrease from the second quarter of 2017.  The average sales price of a home in Manhattan decreased five percent from last year’s second quarter to $2,034,000.  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.

Condominiums

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 was $2,726,000, a 10 percent decrease year-over-year.  The average sales price for a condo in Brooklyn during the second quarter of 2018 fell to $1,062,000, a nine percent decrease year-over-year.  The average sales price for a condo unit in Queens during second quarter of 2018 was $692,000, a two percent increase year-over-year.

Cooperatives

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 coop: 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 coop units in Manhattan and Queens were 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 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; eight percent to $713,000 in Queens; six percent to $517,000 in the Bronx; and seven percent to $564,000 in Staten Island.

Manhattan Neighborhood Highlights

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. 

Sales of cooperative units on the Upper East Side decreased 11 percent this quarter to 428 compared to 479 in the second quarter of 2017. The average sales price of a coop unit on the Upper East Side increased six percent to $1,742,000.

Brooklyn Neighborhood Highlights

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.

In East New York / Spring Creek, the average sales price of a one-to-three family dwelling increased eight percent to $551,000 compared to the second quarter of last year.  Year-over-year, the number of one-to-three family dwelling sales in East New York / Spring Creek decreased eight percent to 126, but led all Brooklyn neighborhoods with the most sales of one-to-three family homes.

Queens Neighborhood Highlights

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 condominiums recorded in the second quarter of 2017.  The average sales price of a condominium in Flushing was $837,000, a nine percent increase year-over-year.

Rego Park / Forest Hills / Kew Gardens had 248 cooperative unit sales in the second quarter of 2018, a 17 percent decrease from the second quarter of last year.  The average sales price of a cooperative unit in Rego Park / Forest Hills / Kew Gardens was $348,000, an 11 percent increase from the second quarter of last year.

The number of one-to-three family home sales in Springfield Gardens / Jamaica/ South Jamaica / Baisley Park increased 23 percent to 394 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 14 percent to $505,000.

Bronx Neighborhood Highlights

There were 118 one-to-three family home sales in City Island / Pelham Bay / Pelham Strip / Country Club / Throgs Neck / Schuylerville this quarter, a one percent increase year-over-year. The average sales price of a one-to-three family dwelling in the area was $539,000, an increase of 12 percent from the second quarter of 2017.

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.

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