After six consecutive quarters of year-over-year declines, the New York City residential sales market recorded an increase of $118.5 million (1.5%) to $10.5 billion in citywide consideration (monetary value for completed transactions) in the first quarter of 2019, compared with the first quarter of 2018.
Growth in Manhattan and the Bronx drove the majority of the increase in total residential sales consideration. Compared to the first quarter of 2018, total consideration in the first quarter of 2019 increased 10% to $5.08 billion in Manhattan and 7% to $465 million in the Bronx. At the same time, the total residential sales consideration decreased by 5% to $2.25 billion in Brooklyn, 9% to $2.01 billion in Queens, and 4% to $682 million in Staten Island.
While total consideration increased, citywide residential sales transactions declined by 4% to 10,382 transactions in the first quarter of 2019 compared to the first quarter of 2018. Year-over-year, the total number of residential sales decreased by 2% to 2,429 in Brooklyn, 9% to 3,317 in Queens, and 9% to 1,221 in Staten Island. The number of residential sales in Manhattan and the Bronx remained flat (≈ 0%) year-over-year at 2,419 and 997 respectively.
In the first quarter of 2019, the number of sales decreased in four of the five sales ranges tracked by REBNY. Decreases in sales volume occurred in the $100,000 to $500,000 (-9%), 1 million to 3 million (-5%), 3 million to 5 million (-7%), and 5 million+ (-7%) brackets. Whereas, the sales volume in the $500,000 to 1 million bracket remained flat year-over-year.