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First Quarter 2018 Manhattan and Brooklyn Sales Market Report

April 19, 2018 · by Adam Ashkenas

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

Manhattan Trends:

It was a mixed quarter for the Manhattan market with fewer sales, inventory on the rise and price statistics settling down.
Many potential buyers took a pause as a variety of factors—concerns over tax reform, luxury market over-supply, stock market fluctuations, even March’s nor’easters—reduced the sense of urgency in the marketplace.
However, First Quarter 2018 included bright spots as well: average days-on-market dropped slightly, indicating that appropriately priced properties are finding buyers quickly, while mispriced properties linger.
With uncertainty pervading the market in First Quarter 2018, sales dropped. Year-over-year, closed sales fell 11% and signed contracts declined 10%.
Sales varied by product type and price range, however. Resale co-ops, which benefit from lower prices, saw sales increase 2% annually. Resale condo sales, on the other hand, declined 12% as prices remained near their record-high level.
In the new development arena, fewer buildings commenced move-ins, causing a 44% drop in new development transactions.

Brooklyn Trends:

Sales activity in Brooklyn remained solid, registering above the five-year average – while available inventory continued to plummet.
The ongoing lack of inventory means many buyers are struggling to find apartments that meet both their price and location criteria, so some took a pause in the First Quarter in hopes of new listings coming on the market in spring.
On the other hand, the more opportunistic pursued more accessibly-priced homes further south in the borough, which helped to drive contract activity upward.
Others chose to postpone buying due to continued uncertainty surrounding the effects of tax reform – which contributed to a slight decline in overall sales this quarter.
The overall number of closed sales was 3% lower year-over-year. The decline in sales reverberated throughout most of the northern and western neighborhoods of Brooklyn.
However, eastern and southern parts of Brooklyn actually had double-digit increases in sales this quarter.
Another cause of the overall decline was fewer new development closings compared to First Quarter 2017, when several large-scale buildings were completed.

March and Q1 2018 Manhattan and Brooklyn Rental Market Report

April 14, 2018 · by Adam Ashkenas

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

Overall market conditions improved for landlords in March, as the Manhattan vacancy rate fell to the lowest level in 10 months.

Rents, while down slightly for some apartment categories, remain near record highs in both Manhattan and Brooklyn.
The Manhattan vacancy rate has experienced four consecutive months of declines. In March, the rate fell to 1.63% – from 1.74% in February. In fact, the last time there was less inventory available for rent was in May 2017, when the vacancy rate dipped to 1.58%

While move-in incentives were found on fewer leases in March, they remain a significant marketing tool.

The percentage of leases that included a move-in incentive fell to 35% in March, from 46% in February. Year-over-year, their prevalence remained the same (also 35% in March 2017).

Quarterly trends show a mixed-bag of conditions.

During the first quarter of 2018, rents declined slightly for all apartment categories when compared to the previous quarter, while they remained relatively unchanged overall when comparing year-over-year.
The Manhattan vacancy rate fell to 1.77% during Q1 – from 2.16% in Q4 2017. It’s also lower than Q1 2017’s rate of 1.93%. This means fewer available apartment choices for potential tenants.
During Q1 overall, 41% of new leases included an incentive, fewer than the 43% last quarter – but more than the 34% last year.

“With the vacancy rate falling to the lowest level in 10 months, there is increased demand for rental housing in New York. Part of this trend may be seasonal, as the rental market typically gains momentum in spring. In addition, some New Yorkers may have adapted a wait-and-see approach to buying property for the time being – due to recent stock market fluctuations and potential tax law changes. Signing a lease means less commitment. Whatever their motivation for renting, tenants remain price-sensitive, so landlord incentives remain in play – especially in the luxury segment – to create a sense of value in the marketplace.”

Gary Malin, President of Citi Habitats

February 2018 Manhattan and Brooklyn Sales Market Report

March 19, 2018 · by Adam Ashkenas

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

Manhattan Trends:

In February, Manhattan contracts signed trended downward year-over-year for the third consecutive month.
Pricing metrics for condos were varied, as average price rose compared to last year, while median price fell. Meanwhile, pricing metrics for co-ops saw gains, with average and median price both increasing more than 25%.
Average price-per-square-foot was up for both condos and co-ops. For condos, the figure hit $2,179 – while it reached $1,515 for co-ops.
Listed inventory continued to rise, with co-ops seeing more than double the increase of condos.
Days on market declined dramatically for condos, but rose substantially for co-ops.
Negotiability increased for both product types when compared to last February, but declined month-over-month.

Brooklyn Trends:

- During February, the Brooklyn market experienced an increase in contracts signed, up 9% versus last year, driven by strong new development sales in southern Brooklyn.
  - However, because sales in less-expensive areas of southern Brooklyn were up this month, the borough’s average and median sale price experienced double-digit declines of 12% and 19%, respectively.
  - Average price-per-square foot remained unchanged versus February 2017 at $882, but it was up 9% from January.
- - The difference from last asking price to sale price was 1% below the average asking price, an improvement from the figure a year ago.
  - The average days on market figure – of 105 – was skewed by a few high-priced homes selling after sitting on the market for over two years.

Click the images above to access the full report

February 2018 Manhattan and Brooklyn Rental Market Report

March 19, 2018 · by Adam Ashkenas

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

- In February 2018, the average monthly rental price for a Manhattan studio was $2,324. For one-bedroom homes, the average was $3,205. For two-bedrooms, the average rent was $3,974. Finally, the average three-bedroom apartment rented for $5,360.
- Brooklyn studio apartments (in the 14 neighborhoods studied) rented for $2,290 per month on average. For Brooklyn one-bedrooms, the average rent was $2,765, while rents for two- and three-bedrooms clocked in at $3,556 and $4,781 respectively.
- In February, the Manhattan vacancy rate fell to 1.74% – from January’s rate of 1.91%. This marks the third consecutive month of vacancy rate declines. In addition, February’s rate is the lowest the borough has experienced since June 2017 (8 months ago).
- When examining concessions, 46% 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 February – up from 43% in January. These incentives remain remarkably high – and while they are most common on high-end product, they can be found on both new construction units and re-rentals alike.

“Landlords are taking a proactive approach to temper resistance to current rents,” explained Gary Malin, President of Citi Habitats. “Through moderation in pricing and the continued use of concessions, they have been able to consistently reduce vacancy rates – while providing attractive opportunities for apartment seekers.”

January 2018 Manhattan and Brooklyn Sales Market Report

February 27, 2018 · by Adam Ashkenas

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

Manhattan Trends:

Listed inventory continued the trend of annual increases, as both condos and co-ops saw year-over-year gains.
- Average price-per-square-foot rose for both condos and co-ops, surpassing $2,000 per-square-foot for condos, an unusually high figure.
  - However, the good news is most price metrics saw increases, as average sale price jumped for condos and co-ops… while median price grew for co-ops alone.
    - The number of contracts signed in January was down again, following already low sales activity in December.

Days on the market increased by double-digits for both condos and co-ops, as average days on market for condos approached half a year.
Negotiability increased for both product types, as the spread from last ask to sale in January was 4% for condos and 2.5% for co-ops.

Brooklyn Trends:

- The difference from last asking price to sale price was 1.5% below the average asking price, an improvement from a year ago.
  - Average price-per-square-foot was $807, up 3% year-over-year as all but two-bedrooms had price-per-square-foot increases.
    - While the median sale price figure increased 5%, the average sale price decreased 8% versus January 2017. However, this stat was skewed by a $12.9MM townhouse sale in Brooklyn Heights last year.
      - During January, the Brooklyn market experienced an increase in contracts signed, up 10% versus last year – driven by strong sales at recently-launched new developments.
      - January’s average days on market figure of 88, while lower than the previous month, was skewed by a few homes selling after sitting on the market for almost a year.

Click the images above to access the full report

January 2018 Manhattan and Brooklyn Rental Market Report

February 10, 2018 · by Adam Ashkenas

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

In January, the average monthly rental price for a Manhattan studio was $2,373. For one-bedroom homes, the average was $3,201. For two-bedrooms, the average rent was $3,970. Finally, the average three-bedroom apartment rented for $5,400.

Brooklyn studio apartments (in the 14 neighborhoods studied) rented for $2,262 per month on average, 5% less than Manhattan. For Brooklyn one-bedrooms, the average rent was $2,739 (14% less than Manhattan), while rents for two- and three-bedrooms clocked in at $3,568 and $4,802 respectively (10% and 11% less than across the river).

In January, the Manhattan vacancy rate fell to 1.91% – from December’s rate of 2.09%. This is the first time since September that the borough’s vacancy rate has landed below 2%. We attribute this increase in demand for housing in part to pent-up holiday season demand, as well as the continued effectiveness of slight rent adjustments and generous move-in incentives.

When examining concessions, 43% 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 January – up from 41% in December. These incentives remain remarkably high – and while they are most common on high-end luxury product, they can be found on both new construction units and re-rentals alike.

“The city’s rental market is stuck in neutral.” explained Gary Malin, President of Citi Habitats. “Month-to-month, we will see a little movement up or down, put pricing has stayed within the same bandwidth. We found that overall, rents fell slightly from December – and any drop in pricing is a positive sign for tenants. Meanwhile, concessions remained prevalent, especially for homes at the higher end of the price spectrum. It’s a great time to be in the market for a luxury rental – choices and opportunities abound.”

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

November 2017 Manhattan and Brooklyn Sales Market Report

December 28, 2017 · by Adam Ashkenas

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

Manhattan Trends:

In Manhattan, November sales activity was down year-over-year for both condos and co-ops.
Pricing increased across the co-op market in excess of 20% for average and median price over last year, while the condo average price declined – and median price only increased slightly.
Price per square foot rose for co-ops, but fell 2% for condos.
Continuing the trend of prior months, inventory increased by double-digits versus last year, with co-op inventory growth outpacing condos for the sixth consecutive month.
Days on market moved by double-digits, but in opposite directions for condos and co-ops, declining for condos, and rising for co-ops.
Negotiability remained relatively stable for condos, and was nearly level versus last month and last year. Alternatively, co-ops while still having more limited negotiability, saw deeper discounts than last year.

Brooklyn Trends:

During November, the Brooklyn market experienced its first year-over-year decrease in sales in nine months, down 6% versus last year.
The average and median sale price rose 19% and 20%, respectively as the number of sales over $2M more than doubled versus last year.
Average price per square foot was $854, up 5% year-over-year. This was due to an increase in price per square foot for one, two and three + bedrooms.
Negotiations were only slightly deeper than last year – as the difference from last ask price to sale price was 1% below the average asking price.
The average days on market figure of 76, while the highest since 2014, was skewed by a handful of homes that finally sold after an extended period on the market.

Click the images above to access the full report

November 2017 Manhattan and Brooklyn Rental Market Report

December 15, 2017 · by Adam Ashkenas

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

In November, the average monthly rental price for a Manhattan studio was $2,374. For one-bedroom homes, the average was $3,260. For two-bedrooms, the average rent was $4,042. Finally, the average three-bedroom apartment rented for $5,470.

Brooklyn studio apartments (in the 14 neighborhoods studied) rented for $2,257 per month on average, 5% less than Manhattan. For Brooklyn one-bedrooms, the average rent was $2,730 (19% less than Manhattan), while rents for two- and three-bedrooms clocked in at $3,559 and $4,877 respectively (14% and 12% less than across the river).
In November, the Manhattan vacancy rate rose to 2.14% – from October’s rate of 2.02%. In fact, November’s vacancy rate is the highest the borough has experienced since April 2009 (over 8 years ago), when the rate hit 2.28%.
When examining concessions, 51% 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 November – up substantially from 36% in October. December 2009 (almost 8 years ago) was the last time the use of incentives was as prevalent – when 59% of leases included one.

“While historically concessions increase as we enter winter, we haven’t seen them this prevalent since the depths of the ‘Great Recession,’” explained Gary Malin, President of Citi Habitats. “While there is still demand, the market remains price-sensitive. Even with these incentives, Manhattan’s vacancy rate is the highest it’s been in over 8 years. This illustrates the widening gap between what tenants are able to pay, versus the rents that landlords want to achieve.”

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