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Three Cents Worth: Deflating Havoc Across The Region

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[With the crunch of the quarterly market reports behind him, our graph guru Jonathan Miller has returned, and it's safe to say that things have changed a bit since he last checked in. Today, he looks at region-wide trends.]

[Click to expand.]

Here are recent macro price trends across the five regions we currently cover in our market report series. I used median sales price and adjusted for inflation in an attempt reduce the impact of outliers. Aside from the apparent trend of weakening prices, there is clearly much more volatility in the two higher priced regions that are joined at the hip: Manhattan and the East End. The volatility is not a significant function of size of the data set because Manhattan, Queens and Brooklyn are relatively similar in their number of sales.

While we all understand that high-end and/or new development activity was a significant part of market activity in recent years and played havoc on the price trends in Manhattan and the East End, I thought the side-by-side comparison was rather striking as compared to the other markets.
· NYC Region Inflation-Adjusted Median Sales Price by Area [Miller Samuel]
· Market Analysis coverage [Curbed]