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.