Real Estate Weekly
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Residential

Boogie Down Bronx beats Millionaires Row

The Bronx has beaten Millionaires Row in the New York City housing stakes this quarter.

According to the first quarter market report from REBNY, the neighborhood ranked among the poorest in the US saw an eight percent increase in home sales and a seven percent hike in the value of one-to-three family homes.

Meanwhile, a citywide scourge has hacked at sales of luxury homes priced in the $5 million and up sector by nearly 40 percent.

The result has been an overall dent in the New York City home sales market to the tune of 16 percent, a figure that shaved $2 billion off of total first quarter sales compared to the same time last year.

According to REBNY president John Banks, “The declines in consideration and transactions are largely attributable to a slowdown in sales activity at the high end of the Manhattan market.

“Demand has remained strong in other important market segments as demonstrated by several new average sales price records set for cooperative units and one-to-three-family dwellings throughout the boroughs.”

Citywide, the value if completed first quarter transactions was $10.3 billion compared to $12.3 billion in the first quarter of 2017, according to the REBNY Residential Sales Report.

This was the third consecutive quarter of year-over-year declines in New York City’s total residential sales consideration.

The market has not experienced three quarters of consecutive year-over-year decreases since the third quarter of 2009.

The $2 billion decrease in total citywide consideration registered in the first quarter of 2018 was the largest year-over-year drop since the third quarter of 2009.

In the first quarter of 2018, home sales volume decreased 10 percent to 10,869 transactions citywide. The total number of home sales fell 20 percent to 2,417 in Manhattan; 15 percent to 2,466 in Brooklyn; 9 percent to 1,338 in Staten Island; and 4 percent to 3,650 in Queens. Homes sales in the Bronx increased eight percent to 998 in the first quarter of 2018.

The average sales price for a home (cooperative, condominium, and one-to-three family dwelling) in New York City was $951,000 in the first quarter of 2018, a seven percent decline from the first quarter of 2017.

Increasing 11 percent year-over-year, the average sales price of a New York City cooperative unit was $791,000 this quarter. In Manhattan, the average sales price for a coop rose 11 percent to a new record of $1,308,000, while in Queens, the average sales price for a coop increased 13 percent to a new record of $310,000 in the first quarter of 2018.

The average sales price for a one-to-three family dwelling in New York City was also $791,000 this quarter, a two percent increase from the first quarter of 2017. All-time high average sales prices for one-to-three family dwellings were recorded in: Queens, rising six percent to $717,000; the Bronx, increasing seven percent to $517,000; and Staten Island, climbing nine percent to $563,000 in the first quarter of 2018 when compared to the first quarter of 2017.

Decreasing 20 percent year-over-year, the New York City condominium average sales price was $1.56 million in the first quarter of 2018. This was driven by the Manhattan condo average sales price, which dropped 17 percent to $2,508,000 from an all-time high average sales price of $3,032,000 in the first quarter of 2017.

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