FiDi sales are still falling as homes sell at
a discount

Units were commanding a premium a year earlier

Apr.April 03, 2019 08:00 AM

(Credit: iStock)

The gap between buyers and sellers in FiDi is getting wider.

During the first quarter of the year, the median closing price of homes in the Financial District was 4.7 percent lower than asking, according to Platinum Properties’ latest market report. That’s a far cry from a year earlier when units were closing at a 4.1 percent premium. The median price slid 14.5 percent to $1.01 million.

Still, there may be some cause for optimism: Sales slid 16 percent year over year in the first quarter, but that was an improvement from the previous quarter’s 39 percent decline.

Battery Park City also struggled with sales volume, which fell 11 percent versus a year earlier. But the median price jumped 40 percent to $1.5 million. The jump was driven by two-bedroom units, which saw a 26 percent rise in the median price, while three-bedroom prices tumbled 36 percent.

The rental market in Battery Park City was off to a strong start. Median rent soared 46 percent to $5,219, even as total inventory climbed 45 percent. Total units rented rose 33 percent to 223. Rentals in the Financial District were softer — with a 1 percent uptick in median rent to $3,901. Inventory surged 72 percent while units rented increased 37 percent.

Two-bedroom rentals in FiDi climbed 52 percent from 85 units rented to 102 units rented. Studios were the only rentals that saw a median price increase — of 3 percent to $3,050.

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