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Third Quarter 2017 Manhattan Sales Market Report

October 16, 2017 · by Adam Ashkenas

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

Manhattan Trends :

- The Manhattan market has now experienced two consecutive quarters of annual growth in closed sales as a result of improved contract activity during first six months of 2017 versus 2016.
- In Third Quarter 2017, the Manhattan market saw closings rise by 3% year-over-year to 3,703 sales, primarily due to strong performances in the new development and resale co-op markets.
- Listed inventory has stabilized this year. At 5,930 active listings, the number of available ‘for-sale’ properties was nearly level with last year, rising by just 1% annually.
- Pricing trends were mixed during the quarter. Marketwide median price and price-per-square-foot both experienced annual gains, with the median price rising by 10% and median price per square rising 2%.
- However, the effects of rising inventory, widespread price decreases, and marketwide negotiability at the higher end of the market impacted average price and average price-per-square-foot figures, which fell for the first time since Fourth Quarter 2013, by 3% and 5%, respectively.

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September and Q3 2017 Manhattan and Brooklyn Rental Market Report

October 16, 2017 · by Adam Ashkenas

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

From August to September, rents in Manhattan rose slightly.

In September, Manhattan rents increased 2% for studio apartments, while they rose 1% for one- and three-bedrooms. Pricing for two-bedroom homes also increased by a minimal amount.

In contrast, overall Brooklyn rents saw minimal declines month-over-month.

In Brooklyn, average rents for one-, two- and three-bedroom homes all decreased 1% from August to September. However, pricing for studio apartments rose, but by a statistically insignificant amount.

Meanwhile, the Manhattan vacancy rate continued to tick upwards.

In September, 1.94% of Manhattan apartments were vacant, compared to 1.78% in August. September’s rate is the highest we have tracked since February 2017, when 1.98% of units were vacant.

Prevalent move-in incentives in September helped keep rents high.

During the month, 37% of new leases included some form of move-in incentive, up from 31% in August. In fact, September’s concession percentage is the highest seen since January 2017. The percentage of leases signed with Citi Habitats that include an incentive has topped 20% since September 2016, and has been higher than 10% from October 2015 onwards.

The quarterly data shows increasingly tenant-friendly conditions when compared to Q2.

In the third quarter of 2017, Manhattan and Brooklyn rents remained generally stable when compared to the one that preceded it. Meanwhile, Manhattan’s vacancy rate climbed to 1.95% from 1.78% in Q2. The percentage of concessions also rose quarter-over-quarter. During the most recent quarter, 30% of leases included one, compared to 26% in Q2.

“Even though rents remain plateaued near all-time highs, there continues to be great value for apartment seekers in today’s market,” said Gary Malin, President of Citi Habitats. “The vacancy rate is the highest it’s been since February, and January was the last time move-in incentives were so prevalent. Price-sensitive tenants are comparison shopping like never before. Throughout the course of 2017, over 15,000 new rental units will have come online in Manhattan and Brooklyn, so renters have plenty of choice.”

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August 2017 Manhattan and Brooklyn Sales Market Report

September 27, 2017 · by Adam Ashkenas

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

Manhattan Trends:

In Manhattan, contract activity in August dropped year-over-year, as sales of condos and co-ops both fell.
Pricing metrics for condos and co-ops saw mixed results in August, as average sale price increased by double digits for each, while median sale price declined for co-ops, but increased for condos.
Similarly, price per square foot for condos saw a rise in pricing – while co-ops saw a slight drop in pricing.
For condos, an increase in inventory was met by a surprisingly large reduction in days on market. Meanwhile, co-ops saw both days on market and inventory increase.
Negotiability remains prevalent in both markets, though condos saw lower discounts than a year ago, while co-ops experienced a slight increase in average discount.

Brooklyn Trends:

During August, the Brooklyn market experienced its seventh consecutive month of annual sales increases, up 6% versus last year.
While the average sale price remained level versus last year, the average price per square foot figure experienced a modest increase, up 3%. Meanwhile, the median sale price increased 7% year-over-year to $975,000.
The difference from last asking price to sale price was 1.6% below the average asking price, as 44% of apartments sold below ask, the highest share since February 2017.
New listed apartment inventory saw a 30% increase from August 2016, led by introductions at new developments such as The Greenpoint, 2100 Bedford Avenue and The Aaron.
The average days on market figure of 61, while up year-over-year, still indicates a very competitive market in Brooklyn.

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August 2017 Manhattan and Brooklyn Rental Market Report

September 15, 2017 · by Adam Ashkenas

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

Last month, the average monthly rental price for a Manhattan studio was $2,363. For one-bedroom homes, the average was $3,193. For two-bedrooms, the average rent was $4,069. Finally, the average three-bedroom apartment rented for $5,420.

In comparison, Brooklyn studio apartments (in the 14 neighborhoods studied) rented for $2,296 per month on average. For Brooklyn one-bedrooms, the average rent was $2,836, while rents for two- and three-bedrooms clocked in at $3,733 and $5,102 respectively.

In August, the Manhattan vacancy rate fell to 1.78% – from July’s rate of 1.84%. However, last August, the borough’s vacancy rate was lower than this year, at 1.73%.
When examining concessions, 31% 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 August –up from 24% in July. Looking year-over-year, their prevalence increased rather substantially. In August 2016, 19% of leases offered an incentive.

“August is traditionally the busiest month for rentals, and in a competitive market like this one, landlords were smart to ratchet up the use of incentives to drive traffic to their properties,” explained Gary Malin, President of Citi Habitats. “Apartment seekers are increasingly flexible as to what neighborhoods they will live in – but in terms of the apartments themselves, more selective. With a lot of new product out there, they are savvy comparison shoppers. Tenants are not willing to overpay for a prime location, and have come to expect a good deal.”

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July 2017 Manhattan and Brooklyn Sales Market Report

August 28, 2017 · by Adam Ashkenas

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

Manhattan Trends:

July brought significant improvements in the Manhattan co-op market, but the condo market lagged.
Co-op signed contracts were up 13% from last year, but condo sales dropped 11% versus July 2016.
However, pricing metrics were far more favorable for condos, as average and median sale price saw increases, while co-ops saw average and median sale price both decline versus last year.
Inventory was nearly level with last year, as listed condo inventory stayed virtually the same, while co-op inventory saw only a 2% increase.
Negotiation continued to remain prevalent, with the discount from last ask hovering around 3% for condos, and 1% for co-ops.
The average home spent a longer time on the market when compared to July 2016 – for both condos (16% longer) and co-ops (4%).

Brooklyn Trends:

During July, the Brooklyn market experienced its sixth consecutive month of annual sales increases, up 5% versus last year.
However, median and average sale figures experienced modest drops year-over-year, each falling by 3%.
Meanwhile, the average price-per-square-foot was nearly level versus last year at $898 per square foot.
The difference from last asking price to sale price was 0.9% below the average asking price, driven by several townhouses selling below ask..
New listed apartment inventory saw a 48% increase from July 2016 due to several new development launches over the last twelve months. (EX. The Greenpoint, 2100 Bedford Avenue)
The days on market figure of 53, while up year-over-year, still indicates a very competitive market in the borough.

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July 2017 Manhattan and Brooklyn Rental Market Report

August 25, 2017 · by Adam Ashkenas

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

Last month, the average monthly rental price for a Manhattan studio was $2,349. For one-bedroom homes, the average was $3,163. For two-bedrooms, the average rent was $4,070. Finally, the average three-bedroom apartment rented for $5,449.

In comparison, Brooklyn studio apartments (in the 14 neighborhoods studied) rented for $2,265 per month on average. For Brooklyn one-bedrooms, the average rent was $2,852, while rents for two- and three-bedrooms clocked in at $3,725 and $5,122 respectively.

In July, the Manhattan vacancy rate climbed to 1.84% – from June’s rate of 1.74%. However, in July 2016, the rate was 1.92% – even higher than last month.
When examining concessions, 24% 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 July – down slightly from 28% in June. Looking year-over-year however, their prevalence increased. In July 2016, 19% of leases offered an incentive.

“The fact that some landlords reduced their use of incentives was likely responsible for the uptick in vacancies,” explained Gary Malin, President of Citi Habitats. “In the current environment, tenants have been trained to expect a ‘good deal.’ For owners to achieve the right velocity, they need to offer concessions that are not only attractive in their local sub-market, but also when compared to buildings in competing areas. Many tenants are no longer hyper-focused on a certain neighborhood. Instead, they are willing to explore a variety of housing options across all boroughs.”

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June 2017 Manhattan and Brooklyn Sales Market Report

August 1, 2017 · by Adam Ashkenas

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

Manhattan Trends:

- The summer started off with level condo contract activity but a decline in co-op sales.
Average sale price experienced a modest decline for condos and co-ops, and average price per square foot dropped around $100 in both the condo and co-op markets. However, median price rose notably compared to last year.
Inventory rose slightly over the last year for both condos and co-ops, as steady contract activity has failed to make any significant impact on inventory.
Negotiation continues to remain prevalent, with the discount from last ask continuing to hover around 3% for condos, and 1% for co-ops.
There was an increase in average days on market for both condos and co-ops

Brooklyn Trends:

During June, the Brooklyn market experienced its fifth consecutive month of annual sales increases, up 11% versus last year.
However, median and average sale price experienced modest drops year-over-year, by 2% and 4%, respectively.
The number of homes which sold at a discount fell to a twelve-month low of 33%, indicating that sellers were more realistic with pricing expectations.
As fewer homes sold below asking prices, the difference from last asking price to sold price was actually 0.2% above the average asking price, driven by several townhouses selling after multiple offers.
The days on market figure of 61, while up year-over-year, still indicates a very competitive market in Brooklyn.

Click the images above to access the full report

June 2017 and Q2 2017 Manhattan and Brooklyn Rental Market Report

July 26, 2017 · by Adam Ashkenas

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

From May to June, rents in Manhattan and Brooklyn remained stagnant.

Pricing in Manhattan declined an average of 1% for studio and two-bedroom units when compared to the month prior. Rents for one-bedroom homes rose, while they decreased for three-bedrooms – but by insignificant amounts for both categories.

In Brooklyn, average rents fell 2% for studio apartments. Pricing declined for one-bedrooms, while it increased for three-bedroom homes. However, the changes were negligible for both apartment sizes. Rents for two-bedroom units remained unchanged from May.

Meanwhile, the vacancy rate ticked upwards.

In June, 1.74% of Manhattan apartments were vacant, compared to 1.58% in May. Vacancy rates were highest in the East and West Villages, where small homes often carry high price tags. In contrast, inventory was tightest in Murray Hill and the Upper East Side, both areas with a reputation for offering ‘good value’ for tenants.

Are incentives the market’s ‘new normal?’

In June, 28% of new leases signed with Citi Habitats included some form of concession, up from 22% in May. With increased options for apartment shoppers, many landlords continue to rely on concessions to keep rents at the levels they desire. The percentage of leases that include a move-in incentive has topped 20% since September of 2016, and has been higher than 10% from October 2015 onwards.

While the market has recently slowed, the quarterly data shows strength when compared to Q1.

During the second quarter of 2017, Manhattan rents increased overall when compared to the quarter that preceded it. Meanwhile, the borough’s vacancy rate decreased to 1.78% from 1.93% in Q1. The percentage of concessions also fell quarter-over-quarter. During the most recent quarter, 26% of leases included one, compared to 34% in Q1.

“Our research found that rental market conditions shifted further to the tenants’ favor during June, bucking the historic trend of a market that tightens as summer progresses. Average rents remained flat or declined slightly across the board month-over-month, while the vacancy rate climbed. Landlords’ use of incentives also increased. This extends the string of double-digit concession percentages to 20 consecutive months.” – Gary Malin, President of Citi Habitats.

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May 2017 Manhattan and Brooklyn Rental Market Report

June 17, 2017 · by Adam Ashkenas

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

In May 2017, the average monthly rental price for a Manhattan studio was $2,412. For one-bedroom homes, the average was $3,155. For two-bedrooms, the average rent was $4,122. Finally, the average three-bedroom apartment rented for $5,388.
Average rents in Brooklyn increased for all apartment categories when compared to the month prior. Studio apartments in the borough (in the 14 neighborhoods studied) rented for $2,277 per month on average. For Brooklyn one-bedrooms, the average rent was $2,868, while rents for two- and three-bedrooms clocked in at $3,762 and $5,140, respectively.
In May, the borough-wide vacancy rate fell to 1.58% – from April’s rate of 1.78%. Last May, the Manhattan vacancy rate was 1.81%. In fact, the last time there was this much inventory on the market was during August 2015, when 1.40% of units were vacant.
When examining concessions, 22% 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 May – down slightly from 28% in April. Looking year-over-year however, their prevalence increased. In May 2016, 17% of leases offered an incentive.

“We remain in a price-sensitive rental market where incentives remain in play,” explained Gary Malin, President of Citi Habitats. “However, as is typical for the season, demand for apartments is increasing as we enter summer. Landlords know that if ever there was a time to test the waters, it’s now. But they need to tread carefully when removing concessions and raising rents. The secret is to master that balancing act that keeps tenant traffic up, but still increases their bottom line.”

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May 2017 Manhattan and Brooklyn Sales Market Report

June 17, 2017 · by Adam Ashkenas

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

Manhattan Trends:

May was an improved month for condo and co-op sales in Manhattan, as contracts signed of both reached their second highest point in the last year.
Inventory remained virtually unchanged versus last year, with just a 1% rise overall.
Every price metric for both condos and co-ops saw annual increases with some significant gains.
Listings spent more time on the market for both the condos and co-ops, as days on market rose by 10% and 28%, respectively.
Negotiability was still present market-wide as the average sale was made slightly below ask.

Brooklyn Trends:

During May, the Brooklyn market experienced a 27% increase in overall contract activity versus last year.
The average sale price, the median price and the average price per square foot was nearly level with last year.
The average sale price was 0.5% below the average asking price, a slight shift from a year ago when the average home sold with no discount.
New listed apartment inventory saw a 29% increase from May 2016.
The days on market figure of 47, while up year-over-year, still indicates a very competitive market in Brooklyn.

Click the images above to access the full report

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