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3rd Quarter 2019 New York City Residential Sales Report
October 16, 2019
The average sales price of a home (condominium, cooperative, and one-to-three family dwelling) in New York City in Q3 2019 was $1.07M, a 4% increase year-over-year.
Total consideration decreased 4.7% year-over-year, to $12.2B. Citywide residential transactions also decreased year-over-year by 8.5%, to 11,475 sales. The number of transactions decreased in each of the 5 boroughs.
Year-over-year, total consideration declined in all five boroughs. Manhattan declined by 2%, The Bronx by 9.5%, Brooklyn by 7%, Queens by 6% and Staten Island by 9%.
For units under 1 million, the volume of transactions declined 10%. From $1M-$3M the number of transactions decreased 7%, from $3M-$5M the number of transactions increased 1%, and over $5M the number of transactions did not vary year-over-year.
HOME SALES BY PROPERTY TYPE
Condominiums: The average sales price of a condominium unit in New York City rose by 8.5% in the third quarter of 2019. The averages sales price increased by 4.5% in Manhattan to $2.8M and by 18% in The Bronx to $276k. It decreased by 7% in Queens to $620K, in Brooklyn by 3% to $1.09M and remained constant in Staten Island at $354K.
Cooperatives: The average sales price of a cooperative unit in New York City decreased 2% to $802K. Citywide, coop transactions declined 21% year-over-year with a decline felt in all five boroughs. In Queens total sales consideration for coops increased by 8%, which was the only borough with increased consideration in the period.
One-to-Three Family Dwellings: The average sales price of a one-to-three family dwelling in New York City decreased 2% to $850k, driven by a steep decline in Manhattan of 25%. The price remained relatively constant in the other four boroughs.
NEIGHBORHOOD HIGHLIGHTS BY BOROUGH
Manhattan: The Upper East Side and Upper West Side in Manhattan continue to represent the majority of condominium sales in the borough, with 14% and 13% respectively. Soho, Greenwich Village and Tribeca are the three neighborhoods with the most expensive average condominium sales price in Q3 2019.
Brooklyn: Cobble Hill had the highest average condominium sales prices in the borough at $3.3M, an increase of almost 600% year-over-year. This was driven by closings at a new development at 100 Amity Street.
Queens: Rego Park and Flushing accounted for the majority of condominium transactions in Queens. Long Island City had the most expensive condominium sales in Q3 2019, with an average sales price of $1.2M, an increase of 9% year-over-year.
The Bronx: One-to-three family dwellings in the Bronx accounted for 68% of all transactions and 83% of all consideration in the borough during Q3 2019. The average price of such buildings rose by 2% year-over-year to $590K.
Staten Island: One-to-three family buildings in Staten Island accounted for 88% of all transactions in Staten Island and 94% of all total consideration during the quarter. The $601k average sales price of one-to-three family buildings in the borough represents a 2% increase year-over-year.