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October 2018 Manhattan and Brooklyn Sales Market Report

December 3, 2018 · by Adam Ashkenas

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

Manhattan Trends:

October 2018 saw a decline in sales activity as buyers continued to demand steeper discounts. This put pressure on sellers to lower prices in an oversupplied market.
There were year-over-year declines in pricing and sales for condos… while co-ops also experienced a dip in sales activity – but saw most pricing metrics increase.
Average days-on-market continued to increase as buyers wait for better deals – as evidenced by the increase in negotiability for both product types compared to last year.
Listed inventory reached its highest point since October 2011 as supply continues to outpace sales.
Year-over-year co-op inventory increased 28%, while the number of condos on the market rose by 12%. For townhouses, inventory grew 17%.

Brooklyn Trends:

During October, Brooklyn market indicators weakened, including falling prices and contract activity, lengthening days on market – and expanding inventory.
October saw average sale price decrease 13% and median price decrease 2% year-over-year, driven by fewer contracts above $2M compared to October 2017.
In fact, areas with historically higher-priced inventory (including Brooklyn Heights and Park Slope) saw far fewer transactions than this same time last year.
Fueling the overall price decline was an increase in activity in areas such as Ditmas Park, Prospect Lefferts Gardens and Flatbush.
Overall contract activity was down 11% compared to last year, partially due to inventory constraints at lower price points, but also due to potential buyer’s lower confidence in the market.
These same effects pushed days on market 7% higher year-over-year. The 30% additional new listings compared to last year was primarily due to new development introductions – and therefore generally at above-average price points.

Click the images above to access the full report

October 2018 Manhattan and Brooklyn Rental Market Report

November 22, 2018 · 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$2,496. For one-bedroom homes, the average was $3,249. For two-bedrooms, the average rent was $4,361. Finally, the average three-bedroom apartment rented for $5,621.
Brooklyn studio apartments (in the 14 neighborhoods studied) rented for$2,411 per month on average. For Brooklyn one-bedrooms, the average rent was $2,892 – while rents for two- and three-bedrooms clocked in at $3,680 and$5,257 respectively.
In October, the Manhattan vacancy rate was 1.44% – up from September’s rate of 1.36%. This is the second consecutive month of vacancy rate increases – and marks the most available inventory on the rental market since April.
When examining concessions, 29% 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 – up from 27% in September.

“The seasonal fall slowdown has begun – and will likely continue as we enter the holiday season,” explained Gary Malin, President of Citi Habitats. “Now is a great time to be in the market for a new rental apartment, especially at the higher end of the pricing spectrum. With rising inventory, many owners are being generous with concessions – especially in luxury new developments. If you can act before the end of the year, the move-in gift offered by your new landlord could be the best one you receive all year.”

Third Quarter 2018 Manhattan and Brooklyn Sales Market Report

November 5, 2018 · by Adam Ashkenas

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

Manhattan Trends:

Closed sales fell by 10% annually. Resale coop sales, down 8%, and a 37% drop in new development sales drove sales lower. In contrast, resale condo sales actually rose, up 2% annually.
Contracts signed fell 12% annually. Hesitancy about high prices, Midterms, and press coverage of the slowing market muted confidence and lowered contract activity versus last year.
Days on market increased by 9% annually to 97 days. A crowded marketplace with many sellers trying to cash out has continued to extend time on market.
Inventory increased a considerable 23% annually to nearly 7,300 listings, which meant that buyers had more than 1,000 additional apartments to choose from versus this time last year.
Median price increased a minimal 2% year-over-year – due namely to shifts in the composition of sales in favor of larger residences enabled by improved seller negotiability and prevalent discounting.
Average price per square foot fell for the third quarter in a row to $1,687 per square foot. This figure, down 3% year-over-year, is now 12% lower than its First Quarter 2017 peak.
The West Side posted the greatest average price increase of any submarket, rising 10% annually as the share of transactions along 57th Street and Central Park South doubled.

Brooklyn Trends:

Following one of the most active quarters in recent years, Q3 sales activity in Brooklyn varied widely across neighborhoods and product types.
Robust activity continued as value-seeking buyers pushed further afield in the borough, yet signs of buyer hesitancy emerged in other areas.
Market activity was muted in northern and western parts of Brooklyn – where prices remain high.
Buyers were particularly resistant to purchasing in Williamsburg as the L-train suspension date draws nearer.
On the other hand, neighborhoods on the southern and eastern edges of Prospect Park, which offer value relative to the borough-wide price figures, saw a surge in sales at such a rate that inventory could not keep pace.
Inventory continues to be constrained market wide; dipping 2%year-over-year and declining annually for six of the past seven quarters.
Half the neighborhoods in Brooklyn had an increased number of listings compared to last year, but the gains were offset by the sharp decline in inventory in southern parts of the borough.

September & Q3 2018 Manhattan and Brooklyn Rental Market Report

October 17, 2018 · by Adam Ashkenas

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

When looking at the most recent data for September, we found that rents climbed month-over-month in Manhattan, while they declined in Brooklyn. Meanwhile, the Manhattan vacancy rate rose to the highest level in 5 months.

Month-over-month, Manhattan’s vacancy rate climbed from 1.29% in August – to 1.36% in September. In fact, there were more available apartments on the market in September than at any time since April, when the rate reached 1.44%.
Apartment seekers remain extremely price-sensitive, so this increase in available units is likely a reaction – at least in part – to ascending rents.

The use of move-in incentives ticked downward.

The percentage of leases that included a move-in incentive was 27% in September 2018, down slightly from 28% in August. Year-over-year, their prevalence is also down – as they were found on 37% of leases in September 2017.
Despite the declines, they continue to be a significant marketing tool – especially in luxury rental developments.

Quarterly trends continue to reflect an improved market for landlords in the longer term.

Rents in Manhattan and Brooklyn climbed across the board, both quarter-over-quarter and year-over-year.
The Manhattan vacancy rate rose slightly to 1.35% during Q3 – from 1.34% in Q2. Despite the recent uptick, there are still fewer available choices for tenants than last year.
During Q3 as a whole, 27% of tenants received a landlord inventive, up from 24% last quarter. On the other hand, their use is down compared to Q3 2017 – when 37% of new leases included a concession.

“Our September results show that even small increases in asking rents have an impact on demand – and tenants comparison-shop between buildings and neighborhoods like never before. The rise of car and bike sharing services, as well as the expanded ferry system, has caused many New Yorkers to consider more affordable areas that were once off the beaten path. In the rental market, the old adage of ‘location, location, location’ – has been replaced with ‘price, price, price.’”

Gary Malin, President of Citi Habitats

August 2018 Manhattan and Brooklyn Sales Market Report

September 26, 2018 · by Adam Ashkenas

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

Manhattan Trends:

Year-over-year, August sales activity for condos and co-ops decreased 9% and 4%, respectively.
Pricing metrics for condos varied – as average price remained nearly unchanged and median price decreased 7%.
Co-ops saw across the board increases in price figures with average and median price increasing by 8% and 13%, respectively.
Listed inventory for condos rose 9%, and co-op inventory rose 29%. Co-op listed inventory was at its highest level of any August since 2012.
Average days on market for condos increased significantly as listings lingered and buyers waited for better deals.
Negotiability was up year-over-year for both product types, as higher inventory and less buyer urgency continues to drive up that figure.

Brooklyn Trends:

During August, the Brooklyn market experienced a decline in contracts signed, down 9% versus last year.
This downturn was driven by fewer new development sales in southern Brooklyn along with a diminishing number of sales in Williamsburg (likely due to the impending L-train shutdown in 2019.)
However, average sale price improved by 12% versus last year, driven by the shift in market share of sales towards larger residences priced above $2M – including three Pierhouse sales all above $4.5M.
Nonetheless, these larger apartments did not translate to a higher price per square foot, in fact a majority of the homes above $2M sold at a discount from the last asking price, which drove August 2018’s average price per square foot figure down 1% year-over-year.
The difference from last ask price to sale price was -2.8%, steeper than the previous month’s record high, as more than half of homes sold in August 2018 sold at a discount from the last asking price.
Days on market also grew significantly as more slow-selling residences traded in August 2018, some having been on market for over two years.

Click the images above to access the full report

August 2018 Manhattan and Brooklyn Rental Market Report

September 18, 2018 · by Adam Ashkenas

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

In August 2018, the average monthly rental price for a Manhattan studio was $2,447. For one-bedroom homes, the average was $3,210. For two-bedrooms, the average rent was $4,205. Finally, the average three-bedroom apartment rented for $5,525.

Brooklyn studio apartments (in the 14 neighborhoods studied) rented for $2,391 per month on average. For Brooklyn one-bedrooms, the average rent was $2,902 – while rents for two- and three-bedrooms clocked in at $3,923 and $5,769

In August, the Manhattan vacancy rate was 29% – down from July’s rate of 1.34%. This vacancy rate decline comes after two consecutive months of inventory increases. In total however, the borough’s vacancy rate has fallen over the last 12 months. In August 2017, 1.78% of Manhattan apartments were available for rent.

When examining concessions, 28% 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 25% in July. But when looking year-over-year, their use is down. In August 2017, 31% of new leases signed included an incentive.

“In August, Manhattan landlords took action. They reversed the recent vacancy rate increases by lowering rents and stepping up their use of incentives,” explained Gary Malin, President of Citi Habitats. “Even small adjustments have a big impact in a price-sensitive marketplace. The owners’ goal was to attract new tenants before the end of summer busy season – and they struck while the iron was hot.”

July 2018 Manhattan and Brooklyn Sales Market Report

September 1, 2018 · by Adam Ashkenas

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

Manhattan Trends:

· Year-over-year, July sales activity for condos and co-ops decreased 3% and 9%, respectively.

· Pricing metrics for condos varied – as average price increased significantly but median price remained nearly flat.

· Co-ops experienced a significant 53% increase in average price – while median price rose more moderately at 12%. The substantial average co-op price increase was due to some very high-priced sales on the Upper East Side.

· Average price-per-square-foot increased 5% for condos, while it climbed 23% for co-ops.

· Listed inventory for condos reached a 12-month high for the fourth consecutive month – and co-op inventory rose 45% to its highest level of any July since 2011.

· Average days on market decreased for condos, but increased significantly for co-ops.

· Negotiability was up year-over-year for both product types, as higher inventory and less buyer urgency continues to impact the market.

Brooklyn Trends:

· During July, the Brooklyn market experienced a slight increase in contracts signed, up 1% versus last year.

· While new development sales were strong at recently launched sites such as The Jade Condominium, Brooklyn Point and Element 88, a decline in resale transactions offset the uptick in new development sales.

· Average and median sale price figures grew 19% and 12%, respectively, as the market share of sales shifted towards larger residences priced above $2M.

· However, these larger apartments did not command a higher price per square foot, which drove July 2018’s average price per square foot figure down 3% year-over-year.

· The difference from last ask price to sale price was -2.5% below the average asking price, the greatest negotiability since 2012, and was driven by several homes finally selling at steep discounts after sitting on market for a significant period.

· Accordingly, days on market also grew significantly as more slow-selling and expensive residences traded in July 2018, some having been on the market for over a year.

Click the images above to access the full report

July 2018 Manhattan and Brooklyn Rental Market Report

August 13, 2018 · by Adam Ashkenas

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

In July 2018, the average monthly rental price for a Manhattan studio was $2,406. For one-bedroom homes, the average was $3,260. For two-bedrooms, the average rent was $4,314. Finally, the average three-bedroom apartment rented for $5,639.

Brooklyn studio apartments (in the 14 neighborhoods studied) rented for $2,359 per month on average. For Brooklyn one-bedrooms, the average rent was $2,959 – while rents for two- and three-bedrooms clocked in at $3,868 and $5,463

In July, the Manhattan vacancy rate was 34% – up slightly from June’s rate of 1.32%. This marks the second consecutive month where the rate increased – after six straight months of falling inventory.

When examining concessions, 25% 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 from 27% in June. Year-over-year, their use is nearly even.

The use of these move-in incentives has dropped considerably over the last six months. As recently as February of this year, they were found on 46% of new leases – and in November of 2017, they were found on more than half (51%).

“Given the historically busy time of year, owners seized the opportunity to raise rents and lower concessions. However, tenants have resisted these changes – thus tempering demand,” explained Gary Malin, President of Citi Habitats. “In response, many have postponed their apartment search entirely. Others have chosen to focus on other locations perceived to offer good value – and where pricing is more in line with their expectations.”

Second Quarter 2018 Manhattan and Brooklyn Sales Market Report

July 31, 2018 · by Adam Ashkenas

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

Manhattan Trends:

Closed sales declined 14% annually versus Second Quarter 2017. All product types experienced annual decreases in closed sales.
Contracts signed declined 9% annually. High levels of supply, hesitancy about future prices and tax consequences continue to affect buyer urgency.
Days on market increased 13% annually. Higher inventory levels have given buyers more options, and have extended marketing times.
Median price decreased 3% annually due to an increase in market share of sales at the mid-to-lower end of the market (under $3 million).
Average price per square foot was essentially level with last year, as price growth at the lower end of the market balanced fewer luxury new development sales.
Downtown had the greatest market share of any sub-market, claiming 30% of all closed sales. It was the neighborhood which also claimed the greatest number of closings over $5 million.

Brooklyn Trends:

Brooklyn exhibited varied market signals this quarter – as buyers continued to endure supply constraints at lower price points and sellers experienced tempered demand at the high-end.
Closed sales reached its second highest figure in a decade, though only half the borough – the less expensive half – experienced increased sales.
Contract activity fell 7% annually, hindered by persistently low inventory levels.
Closed sales rose 5% versus a strong Second Quarter 2017 to 1,620 closings.
The overall gain in sales was driven by resale co-ops, with a 13% uptick, and new development closings, which rose 12%.
Both these markets currently offer value; co-op median price displayed only modest gains and new development price statistics declined annually for the fourth consecutive quarter.
Price statistics were dictated by high-end buyer hesitancy as well as ongoing geographic shifts in favor of neighborhoods offering value in a price-sensitive climate.
Resale condo sales plunged 11% as not enough buyers were incentivized from a price perspective compared to new product.

June 2018 Manhattan and Brooklyn Rental Market Report

July 16, 2018 · by Adam Ashkenas

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

When looking at the most recent data for June, we found a ‘mixed bag’ of market conditions.

· In total, rents crept up in Manhattan and Brooklyn – both month-over-month and year-over-year, which is good news for landlords.

· After falling for six consecutive months, the vacancy rate rose slightly – from 1.27% in May to 1.32% in June. Apartment seekers remain price-sensitive, so this increase in available units may be a reaction to ascending rents.

The use of move-in incentives was back on the upswing in June, after falling in May.

· The percentage of leases that included a move-in incentive climbed to 27% in June 2018, from 19% in May.

· While concession use is down considerably from the winter months – they were found on a full 51% new leases in November 2017 for example – they continue to be a significant marketing tool in both new developments and existing properties alike.

However, quarterly trends illustrate an improved market for landlords in the longer term.

· Manhattan rents remained relatively stable during the second quarter compared to both Q1 2018 and year-over-year. However, rents in Brooklyn were up across all categories when comparing both periods.

· The Manhattan vacancy rate fell to 1.34% during Q2 – from 1.77% in Q1. It’s also lower than Q2 2017’s rate of 1.78%. This means fewer available apartment choices for potential tenants.

· During Q2 as a whole, 24% of new leases included an inventive, down substantially from the 41% last quarter – but about equal to Q2 2017 (at 26%).

“In June, landlords were bullish on the summer season due to a streak of six consecutive months of increased market demand. Students, both international and domestic, as well as would-be buyers playing wait-and-see regarding their home purchase, have been among the key drivers of this rise in traffic. Sensing conditions were in their favor, some owners raised rents – while boosting the incentives offered. However, it’s a delicate balancing act – as apartment seekers remain highly price-sensitive. We suspect this uptick in asking rents caused the vacancy rate to climb – for the first time since November of last year.”

– Gary Malin, President of Citi Habitats

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