In reports released last month, Douglas Elliman noted a decline in number of sales in all three markets, with some reduction in sales and listing prices as inventories continue to rise. Jonathan Miller of Miller Samuel Inc. and author of the reports hesitates to call it a “softening,” acknowledging that “[T]hese markets are coming down from a robust period... Market conditions combined with falling mortgage rates will create ideal circumstances for buyers in the coming months.”
The Queens market was the price exception, setting record highs for both median and average sales prices in the quarter. “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 in its press release. “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 price for co-op sales in the Queens market was especially high, reaching a new record -- $309,363 -- for the seventh time in the past nine quarters.
Co-ops did particularly well in Brooklyn too, according to the reports. The average and median sales price for co-ops in that market set new records after rising annually for three quarters, reaching $637,848 and $485,000, respectively. New developments saw a slight uptick in median sales price from last year, while resales dropped somewhat. It is the luxury market in the borough that has seen a downward price trend, with the median sales price decreasing 6.2% compared to the same period last year, to $2,343,851.
In Riverdale, Douglas Elliman reports that “[l]isting inventory and price trend indicators fell for the first time in more than a year.” For the Fieldston, Hudson Hill, North Riverdale, and Spuyten Duyvil areas that the reports cover, year over year listing inventory fell 14.9%, and the average sales price was 12.4% lower than the same period a year ago. Luxury sales prices dropped there as well, declining 18% from last year’s metric to $1,267,731.