Photo: Robert Clark
Total New York City residential sales continued to fall on an annual basis in the first quarter of 2018.
Sales volume was down 16 percent year-over-year in the first quarter, for a total a loss of $2 billion, according a recently released report by the Real Estate Board of New York (REBNY).
New York City residential sales totaled $10.3 billion in the first quarter of 2018, falling from $12.3 billion recorded the same time last year. This was the largest annual decrease recorded since the third quarter of 2009.
City-wide, sales were down from last year in three of the five boroughs in the first quarter. Sales volume fell 30 percent to $4.61 billion in Manhattan, 12 percent to $2.36 billion in Brooklyn and less than 1 percent to $711 million in Staten Island.
At the same time, sales increased 16 percent to $436 million in the Bronx. and 7 percent to $2.21 billion in Queens.
Average NYC home values fell 7 percent annually to $951,000 in the first quarter, while the average price of a home in Manhattan fell 11 percent year-over-year to $1.9 million in the first quarter.
Home values were up from last year in Queens, Brooklyn and Staten Island in the first quarter.
“The declines in consideration and transactions are largely attributable to a slowdown in sales activity at the high end of the Manhattan market,” says REBNY President John H. Banks.
However, despite the slowdown, buyer demand has remained strong throughout the NYC residential market as evidenced by price records being set in some co-op and one- to three-family dwelling submarkets throughout the city, according to Banks.
New average price records were set in the Manhattan ($1.3 million) and Queens ($310,000) co-op submarkets.
City-wide, average prices in the condo submarket recorded huge declines in the first quarter, falling 20 percent from last year to $1.5 million.
The average prices for Manhattan and Brooklyn condos also slipped in the first quarter, falling 14 percent year-over-year to $2.5 million in Manhattan and dropping 5 percent from last year to $1 million in Brooklyn.
At the neighborhood level, condo prices in Williamsburg, Brooklyn fell 1 percent from last year to $1.1 million as the L-train shutdown looms in 2019.
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