According to the Real Estate Board of New York's (REBNY) latest Q1 2020 Quarterly Residential Sales Report, New York City's total sales volume and total residential transactions decreased significantly to reach the lowest level since Q4 2011.
In Q1, citywide total residential sales volume decreased 16% year-over-year, from $10.5bn to $8.7bn, with each of the five boroughs experiencing declines. City-wide residential transactions also decreased 16% year-over-year, from 10,382 to 8,702 sales, with all five boroughs seeing a decrease in the number of transactions. However, the data does not reflect the expected significant decline in market activity as a result of the Coronavirus public health crisis and subsequent Executive Orders including the stay-at-home order issued on 20 March.
“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,” said REBNY President James Whelan. “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.”