By NATHAN DUKE
Queens had the second-largest drop in home sales among the five boroughs during the second quarter of 2018, according to a residential sales report by the Real Estate Board of New York (REBNY).
The city’s residential sales market recorded an overall 8 percent decrease—in the amount of $12.3 billion—during the year’s second quarter, the report found. This was the fourth consecutive quarter of year-over-year declines in the city’s total residential sales consideration and transactions. The market had not experienced four consecutive quarters of year-over-year decreases since the third quarter of 2009.
Home sales volume decreased 4 percent citywide to 12,262 transactions. The largest drop was in Manhattan, which decreased 11 percent to 2,921 transactions. Queens had the second-largest drop, at 7 percent, to 3,697 transactions; while Brooklyn came in third, dropping by 4 percent to 2,907.
However, home sales increased in the Bronx by 7 percent to 1,097 and on Staten Island by 16 percent to 1,640.
Additionally, the average sales price of a home grew by 7 percent in Queens to $600,000; 3 percent in the Bronx to $429,000; and 8 percent on Staten Island to $539,000. Prices dropped by 5 percent in Manhattan to $2.03 million and declined 3 percent in Brooklyn to $944,000.
“The average sales-price adjustments reflected in this report signal a natural cooling-off interval after a very hot stretch, and the expansive demand for homes throughout the five boroughs,” said John H. Banks, the president of REBNY. “We have been coming off a period of record-high residential sales prices, yet the market is still in a very positive place.”
For condominiums, the price dipped 2 percent in Queens to $692,000 year over year, while also dropping in Manhattan and Brooklyn, with the average sale price for the five boroughs dropping to $1.7 million.
In Queens, Flushing recorded the most condominium activity during the second quarter, with 96 sales, although that number was significantly lower than the 294 condominium sales in that neighborhood during 2017’s second quarter. The average sales price of a Flushing condo was $837,000, marking a 9 percent increase year over year.
The price of co-ops rose 8 percent in Queens to $311,000, while also increasing in Manhattan and Brooklyn, with the average price of a cooperative unit in New York City up 2 percent to $808,000.
And the cost for one- to three-family dwellings rose in all four outer boroughs, increasing by 6 percent in Queens to $713,000. The average sales price for the city rose 4 percent to $790,000.