4th Quarter 2019 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 in Q4 2019 was $985K, a 5% increase year-over-year.

Total consideration decreased 4.5% year-over-year, to $9.9B—the lowest since the 4th quarter of 2014. Citywide residential transactions also decreased year-over-year by 9%, to 10,057 sales—the lowest since the first quarter of 2013. The number of transactions decreased in each of the 5 boroughs.

Year-over-year, total consideration declined in all boroughs except the Bronx, which remained flat. Manhattan declined by 2%, Brooklyn by 5%, Queens by 6% and Staten Island by 19%.

For units under $1M, the volume of transactions declined 10%. From $1M-$3M the number of transactions decreased 4%, from $3M-$5M the number of transactions decreased by 14% and over $5M the number of transactions decreased by 36%.

ALL HOMES
The average sales price of a home in New York City increased 5% to $985K. Each borough experienced an increase in average sales price year-over-year. The averages sales price of a home in Manhattan increased 4% to $1.9M; The Bronx increased 7% to $504K, Brooklyn increased 0.5% to $945K; Queens increased 5% to $652K, and Staten Island increased 3% to $571K.

NEIGHBORHOOD HIGHLIGHTS BY BOROUGH
The Bronx:
Total consideration remained stable at $489M and the number of transactions declined 6% year-over-year. The average price of a home in The Bronx increased 7% to $504K.

Brooklyn: Total consideration declined 5% to $2.25B and the number of transactions declined 5% year-over-year. The average price of a home in Brooklyn did not change year-over-year, remaining stable at $945K.

Manhattan: Total consideration decreased 2% year-over-year to $4.4B, and a 25% decline in total consideration quarter-to-quarter.

Queens: Total consideration declined 6% to $2.16B and the number of transactions declined 10% year-over-year. The average price of a home in Queens increased 5% to $652K.

Staten Island: Total consideration decreased 18% to $612M and the number of transactions declined 21% year-over-year. The average price of a home in Staten Island increased 3% to $571K.