Q2 2020 Residential Sales Report

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Executive Summary

In the second quarter of 2020, the New York City average residential sales price, which covers condominiums, cooperatives and one-to three family homes, was $975,806 - a 13% decline year-over-year. Broken out, the citywide averages were:

• Condominiums: $1.6 million
• Cooperatives: $724,983
• One-to-three family homes: $860,631

From Q2 of last year, total consideration decreased by 50%, from $12.8 billion to $6.4 billion, reaching the lowest point since the fourth quarter of 2011. The Citywide residential transaction volume also decreased year-over-year, declining from 11,413 to 6,534 sales, representing a 43% drop and an all-time low since REBNY began collecting the data in the first quarter of 2006. All five boroughs experienced a decrease in the number of transactions year-over-year.

Borough Year-Over-Year Change in Total Consideration:

• Manhattan: -66%
• The Bronx: -31%
• Brooklyn: -36%
• Queens: -35%
• Staten Island: +4%

Borough Year-Over-Year Change in Number of Transactions:

• Manhattan: -62%
• The Bronx: -42%
• Brooklyn: -37%
• Queens: -43%
• Staten Island: -3%

Manhattan & Brooklyn Active Listings:

• 4,650 condos asking an average price of $3.5 million.
• 3,495 co-ops asking an average price of $1.8 million.
• 1,085 one-to-three family homes asking an average price of $4.7 million.

Manhattan & Brooklyn In-Contract Listings:

• 1,882 condos with an average asking price of $2.2 million.
• 1,112 co-ops with an average asking price of $1.3 million.
• 237 one-to-three family homes with an average asking price of $2.7 million.