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3rd Quarter 2018 New York City Residential Sales Report
November 12, 2018
The New York City residential sales market recorded a five percent decrease in citywide consideration (monetary value for completed transactions) totaling $12.8 billion in the third quarter of 2018, compared with the third quarter of 2017.
This was the fifth consecutive quarter of year-over-year declines in total residential sales consideration. The New York City residential sales market has not experienced five quarters of consecutive year-over-year decreases since the fourth quarter of 2009.
Despite this comparatively lackluster performance, this quarter did achieve the second highest overall average sales price of a home and the fourth highest consideration recorded. This quarter also showed deceleration in the overall decline of total consideration. The approximately $608 million decrease in total consideration during the third quarter of 2018 was 44.3% less than the previous quarter’s year-over-year drop of $1.092 billion.
Total residential sales consideration decreased in three of the five boroughs year-over-year. During the third quarter of 2018, total residential sales consideration decreased from last year’s third quarter by: nine percent to $6.03 billion in Manhattan; less than one percent to $3.03 billion in Brooklyn; five percent to $2.43 billion in Queens. Total consideration increased 21 percent to $540 million in the Bronx and 4 percent to $817 million in Staten Island.
Citywide home sales volume decreased eight percent to 12,525 in the third quarter of 2018 compared to the third quarter of 2017. Year-over-year, the total number of home sales fell 15 percent to 3,052 in Manhattan; seven percent to 2,944 in Brooklyn; three percent to 1,462 in Staten Island; and nine percent to 3,891 in Queens. Home sales in the Bronx increased nine percent to 1,176 in the third quarter of 2018 from the same quarter last year.
The number of sales fell year-over-year in the third quarter in all sales ranges. The biggest decline this quarter though was in the lowest bracket of $100,000 to $500,000. A rapid mortgage rate increase spurred the 17 percent decline in sales for this range , which affected the amount of free income a buyer may have for paying down the principal on a home mortgage.
Notably, the decrease in sales over $5 million was only three percent. This segment of the market had experienced the most precipitous sales volume declines in the first two quarters of 2018. Year-over-year, the $500,000 to $1 million range fell by one percent, the $1 million to $3 million range decreased seven percent, and the $3 million to $5 million range decreased nine percent.
The average sales price for a home (cooperatives, condominiums, and one-to-three-family dwellings) in New York City increased four percent yearover-year to $1,026,000 in the third quarter of 2018.
The average sales price of a one-to-three family dwelling in New York City was $867,000 in the third quarter 2018, a 12 percent rise year-over-year and a new average sales price high. This was 10 percent greater than the previous record set in the first quarter of this year for a one-to-three-family dwelling. This was a result of the decline in transactions at the lower end of the market as well as overall price increases.