Douglas Elliman Real Estate, the largest brokerage in the New York Metropolitan area and the second largest independent residential real estate brokerage in the United States by sales volume, today releases the Q3 2019 Market Reports for Brooklyn, Queens and Riverdale. The reports show a decline in sales across the board, with prices down in Brooklyn and Riverdale, but setting record highs in Queens.
Sales have fallen year over year for eight straight quarters in Queens, but both the median and average sales prices set record highs this quarter – rising to $600,000 and $651,216 respectively. Listing inventory also continued to expand in the borough as it has for ten consecutive quarters.
“Queens seems to be a standout quarter after quarter since it enjoys the spillover from Brooklyn as buyers seek out greater affordability,” said Steven James, President and CEO of Douglas Elliman, New York City. “Market uncertainty and potential homebuyers’ search for affordability are challenges facing all the markets in the New York City metro area right now, and we’ll have to see how sellers adjust going forward.”
The median sales price in Brooklyn declined for the second time in three quarters, with sales also falling in the borough for the seventh straight quarter. Riverdale, including Fieldston, Hudson Hill, North Riverdale and Spuyten Duyvil, showed similar results, with price trend indicators falling for the first time in over a year. Listing inventory rose in Brooklyn for the sixth straight quarter while falling in Riverdale for the first time in five quarters.
“Across the region, we’re seeing straightforward results that are very similar to the Manhattan market,” said Jonathan Miller of Miller Samuel Inc., the author of the reports. “With sales drifting lower and prices starting to soften, it’s clear that sellers are starting to price more in line with buyer demand. These markets are coming down from a robust period, and despite the lower sales and price trends it still wouldn’t be accurate to call them soft. Market conditions combined with falling mortgage rates will create ideal circumstances for buyers in the coming months.”
______________________________________________________
BROOKLYN SALES MARKET HIGHLIGHTS
Overview
“As price trends flirted with records, sales continued to slide.”
- Median sales price slipped year over year for the second time in three quarters
- The number of sales fell annually for the seventh straight quarter
- Listing inventory continued to trend higher, rising year over year for the sixth consecutive quarter
- Median sales price for new developments edged higher year over year while resales declined
- Average and median sales price for co-ops set new records after rising annually for three quarters
Key Trend Metrics (compared to same year ago period)
- Median sales price declined 2.2% to $790,000
- Average sales price fell 7.1% to $977,259
- Number of sales fell 10.4% to 2,596
- Listing inventory rose 9% to 3,435
- Days on market was 81 days, up nominally from 80 days
- Listing discount was 4.6%, up from 4.3%
- Luxury median sales price decreased 6.2% to $2,343,851
______________________________________________________
QUEENS SALES MARKET HIGHLIGHTS
Overview
“Despite expanded inventory, price trend indicators set new records.”
- Median sales price and average sales price reached new records
- Sales have fallen year over year for eight straight quarters
- Listing inventory has expanded year over year for ten consecutive quarters
- Co-op median sales price reached a new record for the seventh time in the past nine quarters
- The number of condo sales fell year over year for the sixth straight quarter
- First increase in year over year new development sales in six quarters
Key Trend Metrics (compared to same year ago period)
- Median sales price rose 4.6% to $600,000 [record]
- Average sales price 2.5% to 651,216 [record]
- Number of sales declined 7% to 3,416
- Listing inventory jumped 13.8% 6,029
- Days on market was 81 days, up from 57
- Listing discount was 4.1%, up from 1.7%
- Luxury median sales price rose 4.4% to $1,336,079
______________________________________________________
RIVERDALE SALES MARKET HIGHLIGHTS
[includesFieldston, Hudson Hill, North Riverdale and Spuyten Duyvil]
Overview
“Listing inventory and price trend indicators fell for the first time in more than a year.”
- Median sales price declined annually for the first time in six quarters
- Listing inventory fell year over year for the first time in five quarters
- Number of sales fell annually for the fourth time in five quarters
Key Trend Metrics (compared to same year ago period)
- Median sales price fell 4.9% to $328,536
- Average sales price dropped 12.4% to $456,044
- Number of sales fell 13.3% to 137
- Listing inventory declined 14.9% to 148
- Days on market was 121 days, up from 92 days
- Listing discount was 5%, up from 2.8%
- Luxury median sales price declined 18% to $1,267,731
About Douglas Elliman Real Estate
Established in 1911, Douglas Elliman Real Estate is the largest brokerage in the New York Metropolitan area and the second largest independent residential real estate brokerage in the United States by sales volume. With more than 7,000 agents, the company operates approximately 120 offices in New York City, Long Island, The Hamptons, Westchester, Connecticut, New Jersey, Florida, California, Colorado, Massachusetts and Texas. Moreover, Douglas Elliman has a strategic global alliance with London-based Knight Frank Residential for business in the worldwide luxury markets spanning 60 countries and six continents. The company also controls a portfolio of real estate services including Douglas Elliman Development Marketing, Douglas Elliman Property Management and Douglas Elliman Commercial. For more information on Douglas Elliman as well as expert commentary on emerging trends in the real estate industry, please visit elliman.com.
