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Archive For January, 2018

Fourth Quarter 2017 Manhattan & Brooklyn Sales Market Report

January 17, 2018 · by Adam Ashkenas

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

Manhattan Trends:

  • The year ended in a more stable condition than 2016, as three of the past four quarters registered level or annual increases in closed sales activity.
  • Fourth Quarter 2017 closed sales were essentially unchanged from last year, and at 3,140 closings, carried the 2017 year-end total to 13,400 closed transactions.
  • Signed contracts fell 14% year-over-year, largely in response to non-market factors like tax reform that are adding complexity to buyer decision making.
  • Nevertheless, as closing figures suggest, the chasm between buyers’ and sellers’ expectations on pricing, value, and velocity that affected sales in 2016 has narrowed over the last twelve months.
  • Still, market activity varied significantly by product type.
  • In Fourth Quarter 2017, resale co-op sales rose 4% annually, for the third consecutive quarter, as purchasers sought value.
  • Resale condos, which have been limited by lingering high prices, experienced a 3% decrease in closed sales year-over-year.

 Brooklyn Trends:

  • The real estate market in Brooklyn closed out 2017 on a high note, as the market continued to expand.
  • However, the year-over-year gains in the number of closed sales were less robust in Fourth Quarter 2017 relative to the first three quarters of the year.
  • At 1,318 apartment closings, the total number of closed sales in Fourth Quarter 2017 still rose 7% year-over-year.
  • For buyers, limited inventory at all price points was a key factor for lower growth levels this quarter – as sellers were unable to keep pace with the strong demand for housing.
  • New development product played a crucial role in spanning the shortfall of resale supply and the market responded favorably with swift sales of new product.
  • This was the strongest fourth quarter for Brooklyn new development sales in seven years.
  • Market wide median price was $725,000, up 4% year-over-year, and a slight improvement from Third Quarter 2017. Average price adjusted downward 4% as there were fewer sales over $2,000,000.

 

 

December and Q4 2017 Manhattan and Brooklyn Rental Market Report

January 16, 2018 · by Adam Ashkenas

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

Tenants during the fourth quarter saw high pricing, but also a lot of inventory and incentives.

  • During the last quarter of 2017, the study found that rental pricing in both Manhattan and Brooklyn hovered near record highs.  Meanwhile, Manhattan’s vacancy rate remained above 2%.
  • Landlord concessions were found on 43% of leases during the fourth quarter, the highest percentage since Q1 2010.

However, when looking at the most recent data for December, we have seen a minor shift in recent trends.

In December 2017, rents fell slightly across the board when compared to the month prior. 

  • While the decrease in pricing from November was negligible for two- and three-bedroom homes in Manhattan, rents were down 1% for studio and one-bedroom units in the borough.
  • In Brooklyn, rents were down 2% for studios and 1% for one-, two- and three-bedroom units.

The Manhattan vacancy rate declined from November to December.

  • After three consecutive months of increases, available rental inventory in Manhattan fell to 2.09% of units in December from 2.14% the previous month.  The vacancy rate has remained unusually high for the borough over the last two years.  We attribute these conditions to aggressive asking rents across Manhattan, as well as an increase in ‘value’ housing options for renters in the outer boroughs.

The recent trend of rising landlord concessions has also reversed.

  • In December, the use of incentives declined.  Our report found that during the month, 41% of new leases included a give-away or concession to the new tenant (vs. 51% in November).

“New York’s rental market remains incredibly price-sensitive.  Even small adjustments in pricing by landlords can cause increased demand for rental housing.  While asking rents were boosted by incentives in recent months, our research shows that the market may be at the beginning of a potential shift.  It will be interesting to see if overall rents continue to trend downward as 2018 progresses.”

  • Gary Malin, President of Citi Habitats

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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