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Archive For July, 2016

Q2 2016 Manhattan & Brooklyn Sales Market Report

July 12, 2016 · by Adam Ashkenas

SellMyNewYorkApartment.comimage001Contact me here for assistance with buying or selling a home in Manhattan.

Manhattan Trends from last quarter:

  • Inventory grew during Second Quarter 2016, up 11% from Q2 2015.  This was mainly due to an increase in both resale condo and new development listings.
  • The median Manhattan sale price stayed at $1.150M in Second Quarter 2016, tying prices seen from last quarter.  However, pricing was up 18% compared to last year.
  • The average price per square foot also saw a notable increase year-over-year, up 11% to $1,797 per square foot.
  • Compared to a year ago, the average days on market rose slightly this quarter.  The average days on market for all of Manhattan averaged 97 days, up 5% from last year’s average of 92 days.

 

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Brooklyn Trends from last quarter:

  • There were 21% fewer listings on the market during Second Quarter 2016 than during the peak of inventory five years ago.
  • This demand has put upward pressure on prices, and new records were set again this quarter. The median price of all Brooklyn apartment sales was $600,000, the highest figure seen since Q4 2009.
  • Average price per square foot grew 17% year-over-year to $907 per square foot, surpassing the previous high in Q1 2015 by 7%.
  • The length of time between list date and sale date in Brooklyn continued to remain low. Days on market has hovered around 65 days for the past two years.

 

Click the images above to access the full report

 

Q2 and June 2016 Manhattan Rental Market Report

July 10, 2016 · by Adam Ashkenas

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Rents climbed, both quarter-over-quarter and year-over-year.

      • When comparing Q2 2016 with the quarter that preceded it, rents increased across the board. 
    • Pricing for studios increased the most, with a 6.3% rise.  Rents for two-bedrooms increased 3.6%.  Pricing was up 3.0% and 1.9% for two- and three-bedroom apartments respectively.   
  • Looking year-over-year, prices also increased.  When compared to Q2 2015, the average rent for studios rose 5.7%; one-bedrooms, 3.7%; two-bedrooms, 3.2% and three-bedrooms, 2.6%.

Meanwhile, the vacancy rate fell when compared to Q1 (typical for the season), but rose year-over-year.

  • We found 1.69% of Manhattan apartments to be available during Q2 2016, down from 1.77% in the previous quarter.  However, would-be tenants had more inventory to choose when compared to a year ago.  During Q2 2015, 1.39% of apartments were vacant. 

Landlord incentives are down from Q1 (again, typical for the season), but more prevalent than they were last year.

  • Quarter-over-quarter, increased seasonal demand has caused the use of incentives to decline. During Q1 2016, 21% of leases signed by Citi Habitats included a landlord concession, compared to 17% during the most recent quarter.  However, their use is up when compared to this time last year.  During Q2 2015, incentives could be found on 11% of new leases.

While the market has strengthened when compared to Q1, it has stalled when looking at the most recent data.

  • Average rents remained stable from May to June, increasing minimally for studio and two-bedroom homes, while falling slightly for one- and three-bedroom units. 
  • Concessions also declined during the same period, to 16% from 17% in May.  However, the Manhattan vacancy rate rose – albeit slightly – from May (1.68%) to June (1.70%).  This is unusual, as typically we see inventory tighten as we enter the summer months.

 Click the image above to access the full reports.

  • About Me

    New York State
    Licensed Real Estate Salesperson.
    157 Columbus Ave, Ste 2W
    New York, NY 10023
    212.957.4100 | aashkenas@citihabitats.com

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