According to the Real Estate Board of New York (REBNY)’s Q1 2020 Quarterly Residential Sales Report, released on May 13, “New York City’s total sales volume and total residential transactions decreased significantly to reach lowest points since Q1 2014 and Q4 2011, respectively.”
Between January 1 and March 31 of this year, citywide total residential sales volume was down 16% year-over-year, from $10.5 billion to $8.7 billion, with all five five boroughs seeing significant declines. Citywide residential transactions also decreased 16%, from 10,382 to 8,702 sales, again with all five boroughs experiencing decreases. According to the report, “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.”
According to REBNY President James Whelan, “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 jump-start New York City’s economy.”
Other key findings from the Sales Report include:
Manhattan condominium and cooperative total sales volume decreased 35% year-over-year. Brooklyn’s condominium and cooperative total sales volume did not see significant changes.