The Real Estate Board of New York (REBNY) released their First Quarter 2020 Sales Report recently. The report indicated that both volume and sales are significantly down for the same time in 2019 and the lowest figures since 2014. Overall sales volume and transactions decreased 16% year over year. REBNY doesn’t believe that the coronavirus pandemic was a leading cause for the numbers as the stay at home order went into effect on March 20, 2020.
The report captured citywide and borough breakdowns of closing data for condominiums, cooperatives and one-to-three family dwellings from January 1, 2020 through March 31, 2020. Within the 16% year over year drop, residential sales figures went from $10.5 billion to $8.7 billion during the period. Residential transactions went from 10,382 to 8,702. Every borough saw a decrease in the quarter. The REBNY notes that “the data does not reflect the expected significant decline in market activity as a result of the Coronavirus (COVID-19) public health crisis and subsequent Executive Orders including the stay-at-home order issued March 20.”
James Whelan, REBNY President states “Market indicators have warned New Yorkers that the housing market was entering a downturn even before the Coronavirus pandemic caused an unprecedented public health and economic crisis in New York City. As we expect to see residential sales again decrease next quarter, now more than ever, we must collaborate on effective and sensible policies at the City, State and federal levels to jumpstart New York City’s economy.”
Here is a breakdown of the numbers per borough per the report:
Manhattan: There were 849 Manhattan condo units sold in the quarter which was a 15% decline year-over-year. Consideration saw a 35% decline from the 1st quarter 2019 at $2 billion The average price of a Manhattan condo was $2.4 million which was a 24% decline.
With respect to Co-ops, there were 921 Manhattan co-ops sold in the quarter. This was a 35% decline year-over-year. Consideration was $1.2 billion with a reported 34% from the same period in 2019. Average price of a Manhattan co-op was $1.3 million. No change from 2019 with respect to price.
1-3 family houses fared better in Manhattan with 39 Manhattan one-to-three family homes sold in the quarter. No percentage of change for the period year over year. Consideration was $251.9 million which was a 10% increase and the average price of a Manhattan one-to-three family home was $6.5
million. This also was a 10% increase from first quarter 2019.
Brooklyn: With respect to condo closings there were 523 Brooklyn condo units sold per the quarter which change was flat. Consideration for the first quarter was $520 million, a 2% increase year-over-year. Average price of a Brooklyn condo in Quarter 1 was $994,303 which is a 2% increase from 2019 1st quarter numbers.
With respect to Co-ops, there were 344 Brooklyn co-ops units sold in the quarter which is a 34% decline from last year. Consideration was done 35% from 2019 at $182.6 million. The average change was flat and was at $530,795 in Quarter 1 2020 for Brooklyn.
For 1-3 family homes there were increases at all levels. There were 1,498 Brooklyn one-to-three family sales in the quarter which is an 8% increase from 1st quarter 2019. Total consideration was up 18% at $1.7 billion. Average sales price in Brooklyn for a one-to-three family home came in at $1.1 million which is an 8% increase year-over-year.
Bronx: There were 87 Bronx condos sold in the quarter which is a 15% decline year-over-year. Total consideration was down 27% from Quarter 1 2019 at $23.5 million. Average price for a condo in the Bronx was $270,102 a 27% decline from the same period last year.
With respect to Co-op, there were 110 Bronx co-op units sold in the quarter, a 41% decline. The total consideration was down 38% from the same period in 2019 $28.3 million. The average price of a Bronx co-op came in at a 5% increase year over year at $257,046.
1-3 family units saw a 5% decline from 1st quarter 2019 with 676 Bronx one-to-three family homes sold. Consideration on the one to three family units came in 5% over last year’s numbers at $408.1 million with the average price coming in at $603,655. This was a 10% increase from the same period in 2019.
Queens: Condo sales in First Quarter 2020 came in 17% below the same period last year with 293 condos sold. There was a 12% dip in consideration with total sales consideration coming in at $199.3 million. Average price for a condo in Queens saw a 5% increase from Quarter 1 2019 coming in at $680,122.
With respect to Co-ops, there were 525 sold in the quarter, a 42% decline from 1st quarter 2019. Consideration was down 39% coming in at $175.5 million. Average sales price saw an increase year over year coming in at $334,230.
1-3 family home showed better signs in Queens. There were 2,215 one to three family homes sole in the quarter. This was a 7% increase. Consideration for the period saw an increase of 14% from the same period last year coming in at $1.7 billion. Average prices increased 6% from a year ago with the price at $770,891.
Staten Island: REBNY only reports 1-3 family sales information. With respect to 1-3 family units, there were 567 homes sold for the quarter, a 48% decrease from quarter 1 2019. Consideration was also down 48% from the same time a year ago with total consideration coming in at $334.1 million. Average prices remained flat with it coming in at $589,313 for the period.
BJD 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.