A ‘whopping’ 193 NYC neighborhoods saw a drop in sales in the first quarter
- Sales plunge the most in Queens, Brooklyn, and Staten Island neighborhoods
- Neighborhoods among the city’s priciest like Cobble Hill also see sales plunge
Sales fell in Cobble Hill from 32 to nine and the median sales price was slashed by a “staggering” $1.71 million to just $900,000.
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The pain is spread pretty evenly. New York City’s plunge in real estate sales is being felt citywide, with 193 neighborhoods seeing a drop in sales, according to a new report from real estate data site PropertyShark.
The report charts the impact of the sales slowdown in the first quarter—a result of buyers wary of high interest rates and economic uncertainty staying on the sidelines and sellers keeping their listings off the market—on NYC's neighborhoods. That impact has been notable on the borough level: According to the latest edition of the Elliman Report, Manhattan co-op and condo sales dropped 37.5 percent in the first quarter of 2023 compared to the year-ago quarter, the lowest level in two years. First quarter sales in Brooklyn were down 39 percent year over year.
For its report, PropertyShark looked at neighborhoods that closed at least five sales per quarter since January 2022. There were 225 neighborhoods that met those requirements and “a whopping 193 neighborhoods logged clear drops in sales, and only 22 experienced increases” in the first quarter of 2023 compared to the first quarter of 2022, according to Eliza Theiss, author of the report.
Which nabes saw the steepest plunge in sales?
Staten Island, Queens, and Brooklyn had the neighborhoods with the sharpest drops, led by Dongan Hills in Staten Island, where sales fell from 35 deals in the first quarter of 2022 to just five in the first quarter of 2023.
In the number two spot was Homecrest, Brooklyn, where sales dropped from 95 to 17 and the median sales price fell $60,000 to $405,000.
In third place was Ditmars-Steinway, which is also one of the city’s 50 priciest neighborhoods. Also on the list: Auburndale and Fresh Meadows, two other neighborhoods that are among Queens’ most expensive.
Other pricey areas on the list include Cobble Hill, in the fourth spot. Sales fell from 32 to nine and the median sales price was slashed by a “staggering” $1.71 million to just $900,000.
On the neighborhood level, 52 areas in Queens had sales drops, including 11 where sales were down at least 50 percent.
There were a total of 43 Brooklyn neighborhoods with double-digit sales decreases, including 10 neighborhoods where sales fell by at least 50 percent, including areas that are among the city’s 50 most expensive neighborhoods: Downtown Brooklyn and Dumbo.
On Staten Island, 40 of its 43 neighborhoods in the report saw double-digit declines in deals. In 18 of those neighborhoods, sales were at least halved, the report said.
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