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NYC Resi Sales Decline Ahead of Pandemic

New York City’s total residential sales volume and total residential transactions decreased significantly in the first quarter to reach their lowest points since Q1 2014 and Q4 2011, respectively, according to the Real Estate Board of New York’s (REBNY) Q1 2020 Quarterly Residential Sales Report.

Sales volume of condominiums, co-ops and one-to-three-family homes decreased 16% year-over-year in Q1, from $10.5 billion to $8.7 billion. Citywide residential transactions also decreased 16% year-over-year, from 10,382 to 8,702 sales. The data does not reflect the expected significant decline in market activity as a result of the COVID-19 public health crisis and stay-at-home order issued in late March.

“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 jumpstart New York City’s economy,” said REBNY President James Whelan.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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