t quarter of 2017 saw 846 properties trade hands for a total dollar volume of $7.06 billion, according to data from Cushman Wakefield. That was a drop of 33 percent from the 1,258 properties sold the same time a year ago, and a 55 percent decline from the $15.52 billion worth of deals inked in the first quarter of 2016.
MarketProperties Traded Q1 2016Properties Traded Q1 2017Change in Properties TradedDollar Volume Q1 2016Dollar Volume Q1 2017Change in Dollar Volume
If the first quarter’s figures were annualized, 2017 will end with a sales total of $28.3 billion, less than half of 2016’s $57.8 billion in sales. One bright spot, Knakal noted, is that values were up 6 percent across the city.
When transaction volume drops and pricing rises, it’s a sign that there’s still a disconnect between sellers and buyers when it comes to what they think they think the fair-market price is for the city’s real estate.
The lethargic first three months comes as no surprise to industry observers who watched as deals came fewer and farther between last year. Buyers tightened their purse strings amid a wide range of concerns including oversupply in various sectors of the residential market, out-of-control pricing, the presidential election and climbing interest rates.
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There are some big deals in the pipeline that could give a jolt to the market later in the year, such as Chinese conglomerate HNA Group’s $2.21 billion acquisition of 245 Park Avenue, which is expected to close in the coming months.
But even submarkets that outperformed their neighbors amid last year’s slowdown fell in line with the rest of the market. At the end of 2016, dollar volumes were down in Manhattan south of 96th Street, Brooklyn and the Bronx. But in Northern Manhattan and Queens, sales totals were up 15 per爱上海龙凤419桑拿