REBNY Report Indicates Third Straight Quarter of Decreased Residential Real Estate Sales in NYC

The Real Estate Board of New York (REBNY) published their first quarter report for 2018.  What it indicates is that residential real estate sales is down for the third straight quarter.  For the first quarter of this year, New York City residential sales were down 16 percent.  Total value of real estate transactions for the quarter was $10.3 billion in comparison to $12.3 billion for the first quarter of 2017.  The $2 billion decrease for the first quarter of 2018 was the largest year-over-year drop recorded since the third quarter of 2009 according to REBNY.

Total residential sales consideration decreased in three of the five boroughs.  Manhattan saw the biggest decrease in sales consideration for the quarter at 30% to $4.61 billion.  This was followed by Brooklyn -12% to 2.36 billion and Staten Island -1% to $711 million.   The Bronx saw an increase in sale consideration by 16% to $436 million in the Bronx and Queens saw an increase of 7% to $2.21 billion.

For the quarter, sales volume only increased in the Bronx by 8% to 998 for the quarter.  In the other boroughs sales were down led by Manhattan being down by 20% (2,417), Brooklyn by 15% (2,466), Staten Island  by 9% (1,338) and Queens by 4% (3,650).  Overall, the average sales price of a home in New York City during the first quarter of 2018 was $951,000, a seven percent decrease from the first quarter of 2017.

On a positive note, the average sales price for a one-to-three family dwelling in New York City overall has hit an all time high.  The average sales price of a one-to-three family dwelling in New York City was $791,000 which is a two percent increase from last year’s first quarter average.  With respect to the boroughs, Queens, the Bronx, and Staten Island all registered record highs for the first quarter. The average sales price for a one-to-three family dwelling increased 6% to $717,000 in Queens, 7% to $517,000 in the Bronx, and 9% percent to $563,000 in Staten Island.

Blue Harbour Property Management is a full service NYC property management company servicing the boroughs of Queens, Brooklyn, Manhattan and the Bronx.  Whether it be a 1 bedroom condo or multi-family building we are able to assist our clients maximize their investments.

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