Severely Impacted by COVID-19, New York City Residential Sales Slide in Q1

According to the Real Estate Board of New York, the average sales price of a home (condominium, cooperative, and one-to-three family home) in New York City in Q1 2020 was $1.01 million, which remains flat year-over-year.

Citywide, the average sales price of a condominium was $1.5 million, a co-op was $832,000 and a one-to-three family home was $883,000.

Total consideration decreased 16% year-over-year, from $10.5 billion to $8.7 billion. This represents the lowest total since Q1 2014, which was $8.3 billion. Year-over-year, total consideration also declined in all five boroughs. Manhattan declined by 25%, Brooklyn by 3%, the Bronx by 12%, Queens by 9% and Staten Island by 49%.

The REBNY further reports that citywide residential transactions also decreased 16% year-over-year, from 10,382 to 8,702 sales. Total transactions are the lowest since Q4 2011, which saw 7,796 sales. All five boroughs experienced a decrease in the number of transactions year-over-year and quarter-over-quarter.

Citywide Asking Prices

• 4,262 condominiums asking an average of $3.7 million.

• 3,205 co-ops asking an average of $1.9 million.

• 969 one-to-three family homes asking an average of $5.4 million.

Citywide In-Contract Prices

• 2,519 condominiums reported in contract at a latest asking price on average of $2.2 million.

• 1,845 co-ops reported in contract at a latest asking price on average of $1.25 million.

• 375 one-to-three family homes reported in contract at a latest asking price on average of $2.9 million.