The Real Estate Board of New York
Total Page:16
File Type:pdf, Size:1020Kb
THE REAL ESTATE BOARD OF NEW YORK NEW YORK CITY RESIDENTIAL SALES REPORT | SECOND QUARTER 2018 TABLE OF CONTENTS 3 Executive Summary 3 Total Consideration 3 Total Consideration History 4 All Homes 5 Condominiums 6 Cooperatives 7 One-To-Three Family Dwellings 8 Neighborhood Highlights 8 Bronx 9 Brooklyn 10 Manhattan 11 Queens 12 Staten Island 13 Appendix - Sales Data 13 Citywide and Borough 17 Bronx 22 Brooklyn 32 Manhattan 36 Queens 46 Staten Island 50 Manhattan Townhouse NEW YORK CITY RESIDENTIAL SALES REPORT 2Q18 | 2 EXECUTIVE SUMMARY The New York City residential sales market recorded an eight percent consideration increased 10 percent to $470 million in the Bronx and 25 decrease in citywide consideration (monetary value for completed percent to $883 million in Staten Island. transactions) totaling $12.3 billion in the second quarter of 2018, Citywide home sales volume decreased four percent to 12,262 sales compared with the second quarter of 2017. in the second quarter of 2018. The total number of home sales fell 11 This was the fourth consecutive quarter of year-over-year declines in percent to 2,921 in Manhattan; 4 percent to 2,907 in Brooklyn; and 7 total residential sales consideration. The New York City residential sales percent to 3,697 in Queens. Home sales in the Bronx increased seven market has not experienced four quarters of consecutive year-over-year percent to 1,097 and sales on Staten Island increased 16 percent to 1,640 decreases since the third quarter of 2009. The approximately $1 billion in the second quarter of 2018. decrease in total consideration during the second quarter of 2018 was Despite declining home sales volume, the number of sales in the middle smaller than the previous quarter’s year-over-year drop of $2 billion. market sales price ranges of $500,000 to $1 million, and $1 million to $3 Despite the year-over-year consecutive decreases in citywide total million, only fell three percent compared to number of sales in the same consideration, this quarter was among the highest in total consideration price ranges last year. The largest decline in sales by price range was the recorded since the second quarter of 2006. The $12.3 billion in citywide $5 million and above category in which the number of sales fell 27 percent total consideration recorded was the sixth highest recorded out of the year-over-year. 49 quarters REBNY has analyzed. The second quarter of 2017, which The average sales price for a home (cooperatives, condominiums, and this quarter is measured against, was the third highest quarter for total one-to-three-family dwellings) in New York City decreased five percent consideration on record. year-over-year to $1,000,000 in the second quarter of 2018. Total residential sales consideration decreased in three of the five The average sales price of a condominium in New York City decreased 10 boroughs year-over-year. During the second quarter of 2018, total percent year-over-year to $1,707,000. The citywide condo average sales residential sales consideration decreased from last year’s second quarter price decline was driven by a 10 percent decline in the Manhattan condo by: 15 percent to $5.94 billion in Manhattan; seven percent to $2.74 billion average sales price to $2,726,000 from 2017’s second quarter average in Brooklyn; and less than one percent to $2.21 billion in Queens. Total sales price of $3,023,000. TOTAL CONSIDERATION Borough Residential Sales 2Q18 Residential Sales 1Q18 Residential Sales 2Q17 NYC $12,259,474,131 $10,336,018,841 $13,353,988,742 Manhattan $5,940,541,143 $4,610,195,780 $7,023,616,914 Bronx $470,880,799 $436,553,661 $426,150,509 Brooklyn $2,744,587,480 $2,360,211,690 $2,965,199,021 Queens $2,219,597,158 $2,217,237,855 $2,235,939,198 Staten Island $883,867,551 $711,819,855 $703,083,100 Borough % Δ From 2Q18 % Δ From 2Q17 NYC 18.61% -8.20% Manhattan 28.86% -15.42% Bronx 7.86% 10.50% Brooklyn 16.29% -7.44% Queens 0.11% -0.73% Staten Island 24.17% 25.71% TOTAL CONSIDERATION HISTORY AVERAGE SALES PRICE % Δ FROM 2Q17 All Homes Condos Coops One-to-Three Family Dwellings 15000 15000 15% 10% 12000 12000 5% 9000 9000 0% 6000 Number of Sales Consideration -5% 6000 3000 -10% 3000 0 -15% 2q09 4q09 2q10 4q10 2q11 4q11 2q12 4q12 2q13 4q13 2q14 4q14 2q15 4q15 2q16 4q16 2q17 4q17 2q18 New York City Manhattan Bronx Brooklyn Queens Staten Island NEW YORK CITY RESIDENTIAL SALES REPORT 2Q18 | 3 EXECUTIVE SUMMARY ALL HOMES The average sales price of a home in New York City during in Brooklyn, declined by three percent to $944,000; in Queens, the second quarter of 2018 was $1,000,000, a five percent grew by seven percent to $600,000; in the Bronx, increased decrease from the second quarter of 2017. The average sales three percent to $429,000; and in Staten Island, rose by eight price of a home in Manhattan decreased five percent from last percent to $539,000. year’s second quarter to $2,034,000. When compared to the second quarter of last year, the average sales price of a home: ALL HOMES - 2Q18 CONDOMINIUMS %Δ FROM 2Q17 AVERAGE SALES PRICE CHANGE FROM 2Q17 71% 60 40 COOPERATIVES %Δ FROM 2Q17 20 0 -20 -40 1-3 FAMILY DWELLINGS %Δ FROM 2Q17 NEW YORK CITY RESIDENTIAL SALES REPORT 2Q18 | 4 EXECUTIVE SUMMARY CONDOMINIUMS The average sales price of a condominium unit in New the first quarter of 2018 fell to $1,083,000, a five percent York City decreased 20 percent to $1,566,000 in the first decrease year-over-year. High priced sales in Flushing quarter of 2018 from $1,949,000 in the first quarter of and Long Island City pushed up the average sales price 2017. The average sales price of a condo in Manhattan for a condo unit in Queens during first quarter of 2018 to was $2,508,000, a 14 percent decrease year-over-year. $698,000, a 16 percent increase year-over-year. The average sales price for a condo in Brooklyn during CONDOMINIUMS - 2Q18 ALL HOMES %Δ FROM 2Q17 AVERAGE SALES PRICE CHANGE FROM 2Q17 139% 100 80 60 COOPERATIVES %Δ FROM 2Q17 40 20 0 -20 1-3 FAMILY DWELLINGS %Δ FROM 2Q17 -40 -60 NEW YORK CITY RESIDENTIAL SALES REPORT 2Q18 | 5 EXECUTIVE SUMMARY COOPERATIVES The average sales price of a cooperative unit in New in Brooklyn, rose three percent to $525,000; and in York City during the second quarter of 2018 was Queens, increased eight percent to $311,000. The $808,000, up two percent from last year’s second average sales prices for coop units in Manhattan quarter average. The average sales price of a coop: and Queens were all-time highs for their respective in Manhattan, increased three percent to $1,311,000; boroughs. COOPERATIVES - 2Q18 ALL HOMES %Δ FROM 2Q17 AVERAGE SALES PRICE CHANGE FROM 2Q17 97% 80 60 CONDOMINIUM %Δ FROM 2Q17 40 20 0 -20 -34 1-3 FAMILY DWELLINGS %Δ FROM 2Q17 NEW YORK CITY RESIDENTIAL SALES REPORT 2Q18 | 6 EXECUTIVE SUMMARY ONE-TO-THREE FAMILY DWELLINGS The average sales price of a one-to-three family dwelling The average sales price for a one-to-three family in New York City during the second quarter of 2018 dwelling increased year-over-year by: one percent to was $790,000, a four percent increase from last year’s $1,036,000 in Brooklyn; eight percent to $713,000 in second quarter average of $757,000. Queens; six percent to $517,000 in the Bronx; and seven percent to $564,000 in Staten Island. ONE-TO-THREE FAMILY ALL HOMES %Δ FROM 2Q17 DWELLINGS - 2Q18 AVERAGE SALES PRICE CHANGE FROM 2Q17 59% 40 20 CONDOMINIUMS %Δ FROM 2Q17 0 -20 -40 -58 COOPERATIVES %Δ FROM 2Q17 NEW YORK CITY RESIDENTIAL SALES REPORT 2Q18 | 7 BRONX NEIGHBORHOOD HIGHLIGHTS There were 118 one-to-three family home sales in City Woodlawn / Williamsbridge had 117 one-to-three family Island / Pelham Bay / Pelham Strip / Country Club / dwelling sales this quarter, which was a six percent Throgs Neck / Schuylerville this quarter, a one percent increase from the second quarter of 2017. The average increase year-over-year. The average sales price of a sales price of a one-to-three family dwelling in the area one-to-three family dwelling in the area was $539,000, was $464,000, an increase of nine percent year-over- an increase of 12 percent from the second quarter of year. 2017. Riverdale Woodlawn Fieldston Williamsbridge Kingsbridge Jerome Park Baychester Bedford Park Coop City Norwood Fordham Bronxdale Belmont Pelham Garden Kingsbridge Heights Pelham Parkway North University Heights Pelham Parkway South Morris Park Van Nest Highbridge Morris Heights Bathgate Mount Hope Crotona Park East Tremont City Island Pelham Bay Pelham Strip Parkchester Country Club Westchester Square Throgs Neck Castle Hill Schuylerville Melrose Soundview Morrisania Mott Haven Port Morris Hunts Point NEW YORK CITY RESIDENTIAL SALES REPORT 2Q18 | 8 BROOKLYN NEIGHBORHOOD HIGHLIGHTS The average sales price of a Williamsburg condo In East New York / Spring Creek, the average sales increased four percent this quarter to $1,096,000 price of a one-to-three family dwelling increased eight compared to the second quarter of 2017. The number of percent to $551,000 compared to the second quarter condo sales in the neighborhood this quarter decreased of last year.