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- In Manhattan, condos saw a slight dip in contract activity while co-ops experienced a notable rise as compared to last October.
- Pricing metrics saw mixed results, with median price experiencing double-digit percentage increases for both condos and co-ops, while average price fell for condos, but rose for co-ops.
- Price-per-square-foot increased for co-ops, but dropped 7% for condos, driven mainly by a drop in price-per-square-foot for larger two- and three-bedroom homes.
- Listed inventory rose compared to last year for both condos and co-ops, but dropped over the last month for condos.
- Average days on market decreased notably for both housing types, falling 15% for condos and 9% for co-ops.
- Negotiability remained high for condos, which saw average discounts of 2.7%. Meanwhile, co-ops saw negotiability decrease in conjunction with an increase in sales.
- During October, the Brooklyn market experienced its ninth consecutive month with an annual increase in sales, up 8% versus last year.
- The average and median sale price rose 6% and 3%, respectively.
- Average price-per-square-foot was $891, down 4% from the record high a year ago. This was driven by double-digit declines in the studio and three+ bedroom categories.
- Negotiations were more prevalent than both last month and this time last year, as the average Brooklyn home sold for 1.8% less than the last asking price.
- Newly-listed inventory saw a 30% increase from this time last year, led by introductions at new developments such as 211 Schermerhorn Street and 554 Fourth Avenue.
- The average days on market figure of 73, while a record high since 2014, was skewed by a handful of homes that finally sold after sitting on the market for almost a year.
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- Last month, the average monthly rental price for a Manhattan studio was $2,422. For one-bedroom homes, the average was $3,219. For two-bedrooms, the average rent was $4,021. Finally, the average three-bedroom apartment rented for $5,461.
- Brooklyn studio apartments (in the 14 neighborhoods studied) rented for $2,284 per month on average, 6% less than Manhattan. For Brooklyn one-bedrooms, the average rent was $2,761 (14% less than Manhattan), while rents for two- and three-bedrooms clocked in at $3,598 and $4,899 respectively (11% and 10% less than across the river).
- In October, the Manhattan vacancy rate rose to 2.02% – from September’s rate of 1.94%. In addition, the borough’s vacancy rate increased from last October, when it was 1.90%.
- When examining concessions, 36% of rental transactions brokered by Citi Habitats offered a free month’s rent and/or payment of the broker fee to entice new tenants in October – down slightly from 37% in September. However, when looking year-over-year, their prevalence increased. In October 2016, 26% of leases offered an incentive.
“In October, the vacancy rate climbed – due in part to a seasonal decrease in demand. However, many landlords’ leasing strategies changed little during the month. To fill apartments in the current price-sensitive market, owners need to create a sense of value,” explained Gary Malin, President of Citi Habitats. “To combat rising inventory, they will likely ratchet up their use of incentives – and potentially lower rents on select units – as we move through fall. For apartment seekers, the coming months are likely good ones to make a move.”