The BPC Report: 2Q18
Q2 2018 brought both QoQ and YoY increases in the median price for a sale in Battery Park City to $1,575,000, however, there was a decrease YoY in both the average price of properties sold by 4.9% and the overall number of units sold by 29.17%. This is part of a continued trend in declining YoY sales in 2018. However, the average ppsf has increased QoQ from $1,308 to $1,385.
- In Q2 2018, 34 units were sold, compared to 48 units in Q2 2017.
- Two bedrooms had the largest increase in median price of 36.11% to $1,800,000.
- While one bedrooms saw a 40% drop in number of units sold, they also saw a YoY price increase of 13.84% to $931,361.
Battery Park City saw increases in average and median rent as well as in price per square foot both YoY and QoQ. This upward trend also extended to total inventory, which was up 29.26% YoY and to number of units rented which increased by 92.16% YoY from 102 to 196. Only the two and three bedrooms saw a decrease in average rent YoY in Q2, though average rent for that same sector was up from Q1.
- There was a significant increase in price drops in Q2 2018 of 76.58% from 316 to 74 price drops.
- One and two bedrooms were largely responsible for the large increase in number of units rented, with a 74% increase in rented one bedrooms and a 135% increase in rented two bedrooms.
- Two bedrooms saw the largest increase in average rent QoQ to $6,973, which was still a 7.92% decrease in average rent YoY.