The average sales price of a home (condominium, cooperative, and one-to-three family dwelling) in New York City in Q2 2019 was $1.12M, a 12% increase year-over-year. Total consideration increased 4.5% year-over-year, to $12.8B.
Year-over-year, total consideration in Manhattan grew 19% and the Bronx grew by 3%. Brooklyn total consideration decreased by 4%, Queens by 7% and Staten Island by 32%.
While total consideration increased, citywide residential sales transactions decreased by 7% to 11.413 sales. The number of transactions declined in every borough except for Manhattan, which grew by 9%.
The number of transactions is down 7% year-over-year, from 12,262 to 11,413. For units under 1 million, the volume of transactions declined 12%. From $1M-$3M the number of transactions increased 6%, from $3M-$5M the number of transactions increased 18%, and over $5M the number of transactions increased 20%.