Real Estate

NYC residential gross sales file largest drop in almost a decade in Q1 2018

 

Picture: Robert Clark

Whole New York Metropolis residential gross sales continued to fall on an annual foundation within the first quarter of 2018.

Gross sales quantity was down 16 p.c year-over-year within the first quarter, for a complete a lack of $2 billion, in accordance a not too long ago launched report by the Actual Property Board of New York (REBNY).

New York Metropolis residential gross sales totaled $10.three billion within the first quarter of 2018, falling from $12.three billion recorded the identical time final 12 months. This was the most important annual lower recorded because the third quarter of 2009.

Metropolis-wide, gross sales had been down from final 12 months in three of the 5 boroughs within the first quarter. Gross sales quantity fell 30 p.c to $4.61 billion in Manhattan, 12 p.c to $2.36 billion in Brooklyn and fewer than 1 p.c to $711 million in Staten Island.

On the identical time, gross sales elevated 16 p.c to $436 million within the Bronx. and seven p.c to $2.21 billion in Queens.

Common NYC residence values fell 7 p.c yearly to $951,000 within the first quarter, whereas the common value of a house in Manhattan fell 11 p.c year-over-year to $1.9 million within the first quarter.

Dwelling values had been up from final 12 months in Queens, Brooklyn and Staten Island within the first quarter.

“The declines in consideration and transactions are largely attributable to a slowdown in gross sales exercise on the excessive finish of the Manhattan market,” says REBNY President John H. Banks.

Nevertheless, regardless of the slowdown, purchaser demand has remained robust all through the NYC residential market as evidenced by value information being set in some co-op and one- to three-family dwelling submarkets all through town, in response to Banks.

New common value information had been set within the Manhattan ($1.three million) and Queens ($310,000) co-op submarkets.

Metropolis-wide, common costs within the condominium submarket recorded large declines within the first quarter, falling 20 p.c from final 12 months to $1.5 million.

The typical costs for Manhattan and Brooklyn condos additionally slipped within the first quarter, falling 14 p.c year-over-year to $2.5 million in Manhattan and dropping 5 p.c from final 12 months to $1 million in Brooklyn.

On the neighborhood stage, condominium costs in Williamsburg, Brooklyn fell 1 p.c from final 12 months to $1.1 million because the L-train shutdown looms in 2019.

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The submit NYC residential gross sales file largest drop in almost a decade in Q1 2018 appeared first on BuzzBuzzHome Information.

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