4th Quarter 2017 New York City Residential Sales Report

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EXECUTIVE SUMMARY

The New York City residential sales market recorded a 12 percent decrease in citywide consideration (monetary value for completed transactions) totaling $10.7 billion in the fourth quarter of 2017, compared with the fourth quarter of 2016.

Despite the citywide decline this quarter, the overall consideration for all home sales completed in New York City in 2017 notched an all-time high of $50 billion. This consideration peak was driven by the $11 billion record high annual consideration achieved in Brooklyn.

Total residential sales consideration increased in three of the five boroughs during the fourth quarter of 2017 when compared to last year’s fourth quarter. Total residential sales consideration increased: four percent to $2.40 billion in Brooklyn; 12 percent to $2.35 billion in Queens; and 17 percent to $455 million in the Bronx. Total consideration decreased 12 percent to $4.79 billion in Manhattan and four percent to $675 million in Staten Island.

Citywide home sales volume decreased slightly in the fourth quarter of 2017 compared to the fourth quarter of 2016. The number of sales for all homes in the City slipped two percent from the fourth quarter of last year to 11,631. Year-over-year, the total number of home sales fell: five percent to 2,655 in Manhattan; one percent to 2,665 in Brooklyn; and 11 percent to 1,289 in Staten Island. Home sales increased one percent in the fourth quarter of 2017 to 3,943 in Queens and ten percent to 1,079 sales in the Bronx.

The number of home sales ranging from $1 million to less than $3 million experienced a ten percent jump, the largest increase in home sales by price range, in the fourth quarter of 2017 compared to the fourth quarter of 2016. Home sales recorded at $5 million or greater dropped 38 percent year-over-year, the biggest decrease in sales by price range this quarter.

All Homes

The average sales price for a home (cooperatives, condominiums, and one-to-three-family dwellings) in New York City decreased one percent year-over-year to $917,000 in the fourth quarter of 2017. The average sales price of a home in Manhattan decreased seven percent from last year’s fourth quarter to $1,803,000. When compared to the fourth quarter of last year, the average sales price of a home in Brooklyn rose five percent to $901,000; in Queens, grew 11 percent to $595,000; in the Bronx, increased seven percent to $422,000; and in Staten Island, rose eight percent to $524,000.

Condominiums

The average sales price of a condominium unit in New York City decreased 14 percent to $1,573,000 in the fourth quarter of 2017. The average sales price for a condominium in Manhattan was $2,405,000, a 19 percent decrease year-over-year.  This was the lowest average sales price posted for a Manhattan condo since the fourth quarter of 2015. The average sales price for a condo in Brooklyn during the fourth quarter of 2017 was $1,014,000, a three percent increase year-over-year. High priced sales in Flushing and Long Island City pushed up the average sales price for a condo unit in Queens to $704,000, a 32 percent increase year-over-year.

Cooperatives

The average sales price of a cooperative unit in New York City during the fourth quarter of 2017 was $739,000, up five percent from last year’s fourth quarter average. The average sales price of a coop in Manhattan increased five percent to $1,228,000; in Brooklyn, 13 percent to $524,000; and in Queens, eight percent to $299,000.

One-to-Three Family Dwellings

The average sales price of a one-to-three family dwelling in New York City during the fourth quarter of 2017 was $775,000, an eight percent increase from last year’s fourth quarter average.

The average sales price for a one-to-three family dwelling in the Bronx registered a new record high of $515,000 in the fourth quarter of 2017, which surpassed the previous peak of $507,000 recorded in the fourth quarter of 2006. This quarter’s average sales price in the Bronx was 12 percent higher than last year’s fourth quarter average.

The average sales price for a one-to-three family dwelling increased five percent to $1,004,000 in Brooklyn; six percent to $710,000 in Queens; and eight percent to $551,000 in Staten Island. The average sales prices for a one-to-three family dwelling in Queens and Staten Island breached their previous all-time highs, which were set just last quarter.

Manhattan Neighborhood Highlights

In the fourth quarter of 2017, the average sales price of a condominium in the Financial District/South Street Seaport (“Financial/Seaport”) increased 44 percent to $1,695,000 compared to the fourth quarter of 2016. There were 83 sales in Financial/Seaport during the fourth quarter of 2017, an increase of 48 percent from the fourth quarter of last year.

Sales of cooperative units on the Upper East Side decreased nine percent this quarter to 381 compared to 417 in the fourth quarter of 2016. The average sales price of a coop unit on the Upper East Side decreased two percent year-over-year to $1,565,000.

Brooklyn Neighborhood Highlights

The average sales price of a Williamsburg condo decreased five percent this quarter to $1,138,000 compared to the fourth quarter of 2016. The number of condo sales in the neighborhood this quarter decreased 54 percent to 65 from 140 in the fourth quarter of 2016.

In Canarsie, the average sales price of a one-to-three family dwelling increased eight percent to $514,000 compared to the fourth quarter of last year. Year-over-year, the number of sales in Canarsie increased 39 percent to 122.

Queens Neighborhood Highlights

Flushing continued to record the most condominium activity in Queens this quarter with 125 sales, an 84 percent increase from the fourth quarter of 2016. The average sales price of a condominium in Flushing was $961,000, a 79 percent increase year-over-year.

Rego Park / Forest Hills / Kew Gardens had 267 cooperative unit sales in the fourth quarter of 2017, a 17 percent decrease from the fourth quarter of last year. The average sales price of a cooperative unit in Rego Park / Forest Hills / Kew Gardens was $334,000, a 15 percent increase from the fourth quarter of last year.

The number of one-to-three family dwelling sales in Richmond Hill/ South Ozone Park / Woodhaven increased nine percent to 347 sales this quarter compared to last year. Year-over-year, the average sales price of a one-to-three family dwelling in the area increased six percent to $558,000.

Bronx Neighborhood Highlights

There were 129 one-to-three family dwelling sales in Woodlawn / Williamsbridge this quarter, an eight percent increase year-over-year. The average sales price of a one-to-three family dwelling in the area was $482,000, an increase of 14 percent from the fourth quarter of 2016.

City Island / Pelham Bay / Pelham Strip / Country Club / Throgs Neck / Schuylerville had 126 one-to-three family dwelling sales this quarter, which was a one percent decrease from the fourth quarter of 2016. The average sales price of a one-to-three family dwelling in the area was $531,000, an increase of 11 percent year-over-year.

Staten Island Neighborhood Highlights

The average sales price for a one-to-three family dwelling in Staten Island rose eight percent from the fourth quarter of 2016 to $551,000 in the fourth quarter of 2017.

The total number of one-to-three family dwelling sales in Staten Island declined 11 percent year-over-year to 1,139.

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