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Five Boroughs and a Manhattan Hiccup

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[This week, Curbed graph guru and podcaster extraordinaire Jonathan Miller ventures away from the warmth of Manhattan into the great unknown.]

Click to expand!

This week I took a look at the quarterly percent change in average sales price adjusted for inflation for each borough, as compared to the same period in the prior year. I am starting to track and build the historical data for the outer boroughs, but no plans for a formal report at the moment. I don't have the historical median sales price, price-per-square-foot and new development/re-sale breakout for the outer boroughs completed yet, so I went with average sales price (yes, I know). The data set is comprised of co-ops, condos and one- to three-family properties in each borough.

For perspective, I also plotted the total number of NYC sales (gray columns – right axis) to illustrate how much the number of sales has declined over the past five years.

Each of the colored lines represent the percent change in price for each borough (left axis). The lines include both new development and re-sale activity.

All five boroughs generally moved together until 2007, when the outer boroughs started to go negative?yet Manhattan spiked due to the massive surge in new development closings from contracts signed in the prior two years. By the beginning of the year, Manhattan caught up with the rest of the boroughs and started to show the same patterns.

I suspect that all the boroughs will continue to move in unison over the next year, and with somewhat more volume than we saw in 2009.
· Y-O-Y %Change in Quarterly Inflation-Adjusted Average Sales Price by Borough v. Number of Sales in NYC [Miller Samuel]
· Three Cents Worth archive [Curbed]