BY UNIT TYPE
Studio, 1BR, and 2BR units accounted for 82% of the transactions for the quarter. 1BR units were the primary sale with 40% of the market, and 2BR units followed closely with 32%. Both of these unit types were more expensive on average than last year, with PPSFs of $1,405 and $1,589, respectively. 2BRs saw the most growth in price, with a 4% median price increase, and an 9% average price increase.
3BR and 4+BR units sold in 2Q19 were generally smaller. 3BRs saw declining prices with PPSF dropping 5%. 4+BRs saw an expected drop in average and median price due to a 16% smaller size, yet they were more expensive, with a PPSF increase of 6%.
Lower-priced 4+BR condo units commanded a 16% higher price than this time last year, even with a 4.8% decrease in average size. 1BR and 2BR units showed growth in PPSF by 8% and 6%, respectively, and represented more than 75% of condo sales. 3BR units saw a decline in PPSF of 5% to $2,010.
1BR co-ops were 41% of the market and saw the least amount of change. Median price, average price, and average PPSF each declined 1%. 2BRs co-ops accounted for 28% of the market and showed more significant declines, with average PPSF declining 6%. 4+BRs saw a 21% decrease in average price, along with a 15% decrease in average size.