Q2 home sales, prices down again in Riverdale

In the second quarter of 2023, the average home sales price, number of sales and the listing inventory in greater Riverdale fell by double figures compared to 2022, according to the Elliman Report.

The Riverdale sales market includes Fieldston, Hudson Hill (aka Riverdale Estates), North Riverdale and Spuyten Duyvil, according to Douglas Elliman Real Estate.

“While price trend indicators slipped annually, they remained well above pre-pandemic levels,” said Miller Samuel of Douglas Elliman Real Estate. He went on to describe how median sales price slipped year over year for the second time in three quarters. He added that listing inventory declined annually for the fifth straight quarter and the number of sales declined year over year for the fourth consecutive quarter.

In the second quarter, the average sales price was $505,549, a 10 percent drop from the same period a year ago. The number of sales fell 34.4 percent to 107 compared to the second quarter of 2022. The number of sales year to date also fell 26 percent to 222. The listing inventory dropped 11 percent to 159 in the second quarter.

As for co-ops, the average sales price was about the same as 2022 at $323,712 compared to $328,855 in 2022.

But the number of sales fell 32 percent to 86 and the listing inventory dropped 9 percent to 121.

Even luxury home sales fell in the second quarter with the average sales price at $1.8 million, a nearly 10 percent drop from $2 million in 2022. The number of sales fell 35.3 percent to 11 and the listing inventory plummeted 89 percent to 8.

In the one-to-three family homes category, the average sales price stayed about the same, falling about 1.4 percent to $1.43 million. The number of sales fell 67 percent to 10 and the listing inventory dropped 19 percent to 25.

Veto override clears voucher program

The City Council overwhelmingly voted July 12 to override the mayor’s veto of the council’s legislation to address record homelessness and the eviction crisis by reforming the CityFHEPS rental assistance voucher program.

The vote was 42-9.

The four-bill legislative package will not only help New York residents move out of shelters, but also prevent evictions of those most at risk of homelessness from entering the shelter system. At a time of record homelessness and when the number of eviction notices in the City has exceeded 178,000, these bills remove barriers to CityFHEPS vouchers.

Fiscal cost analyses from Women in Need and the Community Service Society of New York projected that the bills would save the city more than $730 million in costs from homelessness.

“New York City is in the midst of an intense eviction crisis that risks pushing more people into homelessness,” said Council speaker Adrienne Adams. “These bills are aimed at removing barriers faced by the lowest income New Yorkers to accessing vouchers that can help them avoid losing their homes and becoming unhoused.

The veto override removes shelter stay as a precondition to CityFHEPS eligibility. This would end the 90-day rule, reduce length of stay in the shelter system, and prevent new shelter entrants.