4th Quarter 2018 New York City Residential Sales Report

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EXECUTIVE SUMMARY

The average sales price of a home (condominium, cooperative, and one-to-three family dwelling) in New York City during the fourth quarter of 2018 was $938,000, a two percent increase from the fourth quarter of 2017.  Notably, the average sales price for a home in the Bronx rose 12 percent to $472,000 in the fourth quarter of 2018 from $422,000 in the fourth quarter of 2017.

Citywide consideration (monetary value for completed transactions) totaled $10.3 billion in the fourth quarter of 2018, a three percent decrease from the fourth quarter of 2017.  This was the six consecutive quarter of year-over-year declines in total residential sales consideration.

This quarter showed a deceleration in the overall decline of total consideration.  The $291 million decrease in total consideration during the fourth quarter of 2018 was 47 percent less than the third quarter of 2018’s year-over-year consideration of $617 million.

Total residential sales consideration decreased in three of the five boroughs year-over-year. During the fourth quarter of 2018, total residential sales consideration decreased by: seven percent to $4.46 billion in Manhattan; one percent to $2.38 billion in Brooklyn; and two percent to $2.30 billion in Queens.  Total consideration increased seven percent to $486 million in the Bronx and 12 percent to $755 million in Staten Island.

Citywide home sales volume decreased five percent to 11,063 in the fourth quarter of 2018 compared to the fourth quarter of 2017. Year-over-year, the total number of home sales fell eight percent to 2,445 in Manhattan; five percent to 2,527 in Brooklyn; six percent to 3,701 in Queens; and five percent to 1,030 in the Bronx.  Home sales in Staten Island increased six percent to 1,360 in the fourth quarter of 2018 from the same quarter last year.

The number of home sales increased year-over-year in two of the five sales price ranges analyzed in this report.  The biggest percentage increase occurred in the highest bracket of $5 million and greater where there were 16 percent more sales in the fourth quarter of 2018 than in the fourth quarter of 2017.  The $500,000 to $1 million range posted a two percent increase in sales compared to the fourth quarter of last year.  Among the price ranges, the number of home sales declined 13 percent in the $100,000 to $500,000 bracket; five percent in the $1 million to $3 million bracket; and eight percent in the $3 million to $5 million bracket.

All Homes

The average sales price of a home in New York City during the fourth quarter of 2018 was $938,000, a two percent increase from the fourth quarter of 2017.  The average sales price of a home in Manhattan increased one percent from last year’s fourth quarter to $1,824,000.  When compared to the fourth quarter of last year, the average sales price of a home: in Brooklyn, increased by four percent to $940,000; in Queens, grew by four percent to $621,000; in the Bronx, increased 12 percent to $472,000; and in Staten Island, rose by six percent to $555,000.

Condominiums

The average sales price of a condominium unit in New York City increased three percent year-over-year to $1,618,000 in the fourth quarter of 2018.  The average sales price of a condo in Manhattan was $2,532,000, a five percent increase from the fourth quarter of 2017.  The average sales price for a condo in Brooklyn rose to $1,051,000, a four percent increase year-over-year.  The average sales price for a condo unit in Queens decreased ten percent year-over-year to $630,000 in the fourth quarter of 2018.

Cooperatives

The average sales price of a cooperative unit in New York City during the fourth quarter of 2018 was $766,000, up four percent from last year’s fourth quarter average.  The average sales price of a coop: in Manhattan, increased by one percent to $1,239,000; in Brooklyn, increased less than one percent to $525,000; and in Queens, increased six percent to $318,000.

One-to-Three Family Dwellings

The average sales price of a one-to-three family dwelling in New York City during the fourth quarter of 2018 was $796,000, a three percent increase from last year’s fourth quarter average of $775,000.

The average sales price for a one-to-three family dwelling increased: five percent year-over-year to $1,049,000 in Brooklyn; five percent to $743,000 in Queens; eight percent to $556,000 in the Bronx; and six percent to $583,000 in Staten Island.

Manhattan Neighborhood Highlights

In the fourth quarter of 2018, the average sales price of a condominium on the Upper East Side increased 11 percent to $2,311,000 compared to the fourth quarter of 2017.  There were 139 sales of condominiums on the Upper East Side during the fourth quarter of 2018, a decrease of 21 percent from the fourth quarter of last year.

Sales of cooperative units on the Upper West Side increased 11 percent to 285 this quarter compared to 256 in the fourth quarter of 2017. The average sales price of a coop unit on the Upper West Side decreased 14 percent year-over-year to $1,284,000.

 

Brooklyn Neighborhood Highlights

The average sales price of a Williamsburg condo was $1,053,000 in the fourth quarter of 2018, a seven percent decrease year-over-year. There were 85 condo sales in the neighborhood this quarter, an increase of 23 percent from 65 in the fourth quarter of 2017.

In East Flatbush, the average sales price of a one-to-three family dwelling increased 11 percent to $615,000 compared to the fourth quarter of last year.  Year-over-year, the number of one-to-three family dwelling sales in East Flatbush increased 15 percent to 110.

Queens Neighborhood Highlights

Flushing recorded the most condominium activity in Queens this quarter with 68 sales, down 46 compared to the 125 sales of Flushing condominiums recorded in the fourth quarter of 2017.  The average sales price of a condominium in Flushing was $733,000, a 24 percent decrease year-over-year.

Rego Park / Forest Hills / Kew Gardens had 241 cooperative unit sales in the fourth quarter of 2018, a 10 percent decrease from the fourth quarter of last year.  The average sales price of a cooperative unit in Rego Park / Forest Hills / Kew Gardens was $357,000, a seven percent increase from the fourth quarter of last year.

The number of one-to-three family dwelling sales in Springfield Gardens / Jamaica/ South Jamaica / Baisley Park increased nine percent to 356 sales this quarter when compared to last year. Year-over-year, the average sales price of a one-to-three family dwelling in the area increased 12 percent to $500,000.

Bronx Neighborhood Highlights

There were 138 one-to-three family dwelling sales in City Island / Pelham Bay / Pelham Strip / Country Club / Throgs Neck / Schuylerville this quarter, a 10 percent increase year-over-year. The average sales price of a one-to-three family dwelling in the area was $571,000, an increase of seven percent from the fourth quarter of 2017.

Parkchester / Westchester Square / Castle Hill / Soundview had 115 one-to-three family dwelling sales this quarter, a four percent increase from the fourth quarter of 2017.  The average sales price of a one-to-three family dwelling in the area was $520,000, an increase of less than one percent year-over-year.

Staten Island Neighborhood Highlights

There were 52 one-to-three family dwelling sales in West New Brighton this quarter, a 21 percent increase year-over-year. The average sales price of a one-to-three family dwelling in the area was $475,000, an increase of seven percent from the fourth quarter of 2017.

In the fourth quarter of 2018, there were 132 one-to-three family dwelling sales in Great Kills, a three percent increase year-over-year. The average sales price of a one-to-three family dwelling in the area was $582,000, an increase of seven percent from the fourth quarter of 2017.

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