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Archive For May, 2017

April 2017 Manhattan and Brooklyn Sales Market Report

May 28, 2017 · by Adam Ashkenas

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

Manhattan Trends:

  • Manhattan contracts signed have fallen overall since the beginning of the year, and April saw that trend continue, as contracts were down 14%.
  • A series of holidays and school breaks on consecutive weeks during the month may have caused this decline.
  • Average price and average price per square foot were up in both the co-op and condo markets.
  • However, listings spent more time on the market across both categories, continuing a trend that has persisted throughout the last year.
  • Nevertheless, negotiability decreased marketwide as fewer sales closed below ask.
  • Inventory grew in the condo market, but fell for co-ops.

 

image002Brooklyn Trends:

  • During April, the Brooklyn market experienced a 15% increase in overall contract activity versus last year.
  • Median and average sale price both experienced a drop year-over-year, by 6% and 1%, respectively, due to fewer sales above $1 million.
  • The average price per square foot fell 3% year-over year to $871 per square foot as all bedroom types – except for studios – experienced price drops versus last year.
  • The average price per square foot fell 3% year-over year to $871 per square foot as all bedroom types – except for studios – experienced price drops versus last year.
  • The days on market figure of 50, while up year-over-year, still indicates a tight market in Brooklyn.

Click the images above to access the full report

April 2017 Manhattan and Brooklyn Rental Market Report

May 21, 2017 · by Adam Ashkenas

rentingyourapartment.comContact me here to discuss any upcoming vacancies and/or pricing of your apartments.

image003

Additional relevant findings of the April 2017 Citi Habitats rental report are outlined below.  Please note: as of August 2016, our firm now tracks average and median monthly rents for 14 Brooklyn neighborhoods.

  • In April 2017, the average monthly rental price for a Manhattan studio was $2,342. For one-bedroom homes, the average was $3,154.  For two-bedrooms, the average rent was $4,127.  Finally, the average three-bedroom apartment rented for $5,354.

In comparison, Brooklyn studio apartments (in the 14 neighborhoods studied) rented for $2,267 per month on average.  For Brooklyn one-bedrooms, the average rent was $2,851, while rents for two- and three-bedrooms clocked in at $3,732 and $5,049, respectively.

  • The most expensive Manhattan neighborhood for renters in April 2017 was SoHo/TriBeCa, with a median rent of $5,997.  Gramercy/Flatiron was the second- priciest area – with a median rent of $4,535.

     For Brooklyn, DUMBO was the most expensive neighborhood in April, with a median rent of $4,675, followed by Downtown Brooklyn, where the median rent was $3,595

  • Manhattan rents were lowest in April 2017 in Washington Heights, with a median rent of $2,275.  When examining neighborhoods below 96th Street, The Lower East Side was the least expensive neighborhood for renters with a median rent of $3,135.

     Bedford-Stuyvesant, with a median April rent of $2,450, was the least-expensive Brooklyn neighborhood tracked in our report – followed by Bushwick, where the median rent was $2,590.

  • With a vacancy rate of 1.36%, Gramercy was the Manhattan area with least inventory in April 2017, followed by SoHo/TriBeCa at 1.42%.  On the other end of the spectrum, the vacancy rate was highest in the West Village.  Last month, 2.18% of rental units in the neighborhood were vacant.  Chelsea had second-highest percentage of available homes, with a vacancy rate of 2.13%. 

“In April, we noted three positive signs for landlords,” explained Gary Malin, President of Citi Habitats.  “Although their rise slowed when compared March, rents continued to hold steady – and were up slightly overall.  Meanwhile, the Manhattan vacancy rate declined to the lowest level since August of last year, while the percentage of leases that offered a concession also fell. We are beginning to enter a traditionally busy time of year, so it will be interesting to see if market conditions continue to shift as we enter summer.”

Click the image above to access the full report

  • 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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    Equal Housing Opportunity. This website is not the official website of Citi Habitats or its affiliated companies, and neither Citi Habitats nor its affiliated companies in any way warrant the accuracy of any information contained herein. Any property or services offered for sale on this website shall not be considered an offer to sell such goods or services in any state other New York.
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