2nd Quarter 2019 New York City Residential Sales Report

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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%.

 

ALL HOMES

The average sales price of a home in New York City increased 12% to $1.12M. Each borough experienced an increase in average sales price year-over-year. The averages sales price of a home in Manhattan increased 8% to $2.2M; The Bronx increased 10% to $470K, Brooklyn increased 3.5% to $978K; Queens increased 0.5% to $603K, and Staten Island increased 2% to $550K.

 

CONDOMINIUMS

The average sales price of a condominium unit in New York City increased 13%. The average sales price of a condominium increased in Manhattan by 4% to $1.9M, by 10% in the Bronx to $256K, and by 2% in Brooklyn to $1.08M. The average sales price of a condominium decreased in Queens by 8% to $636K and by 0.6% in Staten Island to $346K.

 

COOPERATIVES

The average sales price of a cooperative unit in New York City increased 1.6% to $821K. Queens is the only borough that experienced an increase in total sales consideration (7%), number of transactions (0.8%) and average price of coops (6.4%). All other boroughs had a decline in coop transactions and total consideration, with relatively stable average asking prices.  

 

ONE-TO-THREE FAMILY DWELLINGS

The average sales price of a one-to-three family dwelling in New York City increased 10% to $872K. The average price increased in all five boroughs, most significantly in Manhattan at 25% year-over-year. Manhattan accounts for 1% of sales of all one-to-three family dwellings in New York City. Queens accounted for 40% of one-to-three family dwellings in Q2 2019 at an average price of $732K.

 

MANHATTAN NEIGHBORHOOD HIGHLIGHTS

In Manhattan, total consideration increased 19% to $7.04B. A 9.5% increase in the number of transactions as well a record sale in the Upper East Side and sales in ultra-luxury new developments account for this increase in consideration. The average price for a home in Manhattan increased 8% to $2.2M.

Midtown West experienced the greatest growth in average condominium sales price year-over-year, primarily due to recent transactions at 220 Central Park South. The average sales price in Midtown West increased 62%, from $2.3M to $3.8M.

The Upper East Side and Upper West Side represent the majority of condominium sales transactions, 12% and 13% respectively. The Upper East Side had a record-breaking townhouse sale this quarter, a $77M sale at 14-16 East 67th Street. This represents the most expensive townhouse sale since 2006.

The West Village, Tribeca and Greenwich Village are the three neighborhoods with the most expensive average condominium sales prices. This quarter, West Village condominiums traded for an average of $5.9M, Tribeca condominiums traded at an average of $4.9M, and Greenwich Village condominiums traded at an average of $4.8M. The average condominium price in all of Manhattan was $2.8M, a 4% increase year-over-year. Manhattan condominiums account for 35% of total New York City sales consideration.

Sales Activity in Manhattan cooperatives experienced minor change year-over-year. The average sales price of a Manhattan cooperative in Q2 2019 was $1.3M, less than 1% change year-over-year. Cooperatives in East Harlem and West Harlem experienced the greatest increase in average sales price, 29% and 25% respectively.

BROOKLYN NEIGHBORHOOD HIGHLIGHTS

In Brooklyn, total consideration declined $4% to $2.6B and the number of transactions declined 7.5% year-over-year. The average price of a home in Brooklyn increased 3.5% to $978K.

Sales activity in Brooklyn condominiums experienced minor change year-over-year. The average sales price of a Brooklyn condominium in Q2 2019 was $1.08M, a 2% increase year-over-year. Brooklyn Heights, Cobble Hill and Prospect Heights are the three neighborhoods with the most expensive average condominium sales prices. This quarter, Brooklyn Heights condominiums traded at an average of $2.3M, Cobble Hill condominiums traded for $2.45M, and Prospect Heights condominiums traded for $1.98M.

The average price of a Brooklyn cooperative did not change year-over-year at $526K. However, the number of cooperative transactions declined by 10% to 507.

 

QUEENS NEIGHBORHOOD HIGHLIGHTS

In Queens, total consideration declined 7% to $2.05B and the number of transactions declined 7.8% year-over-year. The average price of a home in Queens increased 0.5% to $603K.

Queens condominium consideration decreased 27% year-over-year to $189M. The average sales price of a Queens condominium decreased 8% to $635K, and the number of transactions declined 20% . Long Island City and Flushing experienced the majority of condominium transactions and highest sales prices. Long Island City condominiums averaged $1.1M, a 2% decline year-over-year. Flushing condominiums averaged $713K, a 14% decline year-over-year.

One-to-three family homes in Queens account for 61% of all Queens transactions and 74% of total consideration in Queens. The average price of a one-to-three family home in Queens in Q2 2019 was $732K, a 3% increase year-over-year.

 

BRONX NEIGHBORHOOD HIGHLIGHTS

In the Bronx, total consideration increased 3% to $483M and the number of transactions declined 6.5% year-over=year. The average price of a home in The Bronx increased 10% to $470K.

One-to-three family homes in the Bronx account for 66% of all transactions in the Bronx and 82% of total consideration in the Bronx. The average price of a one-to-three family home in The Bronx in Q2 2019 was $584K, a 13% increase year-over-year.

 

STATEN ISLAND NEIGHBORHOOD HIGHLIGHTS

In Staten Island, total consideration decreased 32% to $600KM and the number of transactions declined 33% year-over=year. The average price of a home in Staten Island increased 2% to $550K.

One-to-three family homes in Staten Island account for 89% of all transactions in Staten Island and 94% of total consideration in Staten Island The average price of a one-to-three family home in Staten Island in Q2 2019 was $576K, a 2% increase year-over-year.

 

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