The Monthly Sales Report: March 2020

Posted April 16th, 2020
New York City is one of the most expensive cities in the U.S. to rent in so one can only imagine the price tags of the units actually for sale. Investing in real estate in New York City can be expensive, but nevertheless, an investment if NYC is the city where you see yourself living for the rest of your life. With more than 8.5 million people residing, across the five boroughs, there are plentiful of housing and investment opportunities for those looking to purchase real estate. This monthly report has its focus on the previous transactions made in March, showing the most expensive transactions (commercial transactions excluded) and some statistics to go along with it. The data for the report is provided by ACRIS.
 

Some information about ACRIS

 
With data publicly available by ACRIS (ACRIS being the Automated City Register Information System) the public can search property records and view documents for Manhattan, Queens, Bronx, and Brooklyn from 1966 to the present. While RealtyHop has incorporated a feature that allows users of the site to conduct their own searches for buy/sell events by individuals, organizations, or property addresses, a report showing the number of transactions made in the past month as well as some insight to what properties go for, in which borough, has been provided in the report.


 

A brief look at the month of March

 

Total transactions statistics:

marchtransactions

  • With not a big change from the past month, the borough of Queens took first place in terms of having the highest number of total transactions for March as it did in February. In March, Queens had a total of 36% of the total transactions in NYC for the past month. For Queens, that was an increase by 1% compared to the previous month.
  • In second place we have Brooklyn, who took second place from Manhattan this time around. Brooklyn had a jump in the percentage of total transactions for the month of March, going from holding 27% in February to holding 30% in March.
  • Behind Brooklyn we have the borough of Manhattan. For the month of March, Manhattan ended up with 25% of the total transactions made in NYC in March. For Manhattan, this was a 3% decrease in total transactions compared to February.
  • Bronx saw just a slight change in the percentage of total transactions for the month of March compared to the month of February, with the percentage decreasing 1%, going from 10% to 9%.

 

Median closing price per borough for March:

closingpricemarch

  • In February, three of four boroughs saw a decrease in the median closing price. In March, however, three of four boroughs saw an increase in the median closing price. These boroughs were Booklyn, Bronx, and Queens. The borough with the highest median closing price was Manhattan, however, Manhattan was the only borough who actually saw a decrease in median closing price this month. The borough went from a median closing price of $1,190,000 in February to $960,000 in March, which equals a 19% decrease in price.
  • Brooklyn is not far behind Manhattan in terms of the median closing price this month, with a closing price of $818,000. That is an increase in price by 6% for the borough this month compared to February.
  • Next there is Queens. Queens was also one of the boroughs who saw an increase in price this month, going from $570,000 in February to $600,000 in March, an increase of 5%.
  • Bronx comes in fourth on our list in terms of median closing price in March, but the borough had the highest increase this month by 17% in price. Bronx had a median closing price of $454,000 in February and $530,000 in March.

 

An overview of the total transactions made in March

 
The table below shows the total transactions in February for the boroughs Manhattan, Brooklyn, Queens, and The Bronx . Obvious commercial transactions have been removed from the table (as well as any transactions that didn’t clearly show if it was a commercial transaction or not). The data in the table is provided by ACRIS for the month of March and ranks the transactions by the most expensive. To search for transactions by borough, please refer to using the search field.

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With data from ACRIS, RealtyHop is able to disclose the total number of transactions as well as the boroughs with the most transactions in the past month. We here at RealtyHop look for insight into the real estate market to provide buyers with as much information as possible so they can make an informed buying decision.