May 17, 2017

Manhattan Monthly Market Report | April 2017

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April 2017 Manhattan Market Report

Market Wide Summary 

Manhattan contracts signed have trended down since the beginning of the year, and April saw that trend continue, as contracts were down 14%. A series of holidays and school breaks on consecutive weeks in April may have caused this decline. Average price and average price per square foot were up in both markets. Listings spent more time on the market across both categories, continuing a trend that has persisted throughout the last year. Nevertheless, negotiability decreased market wide as fewer sales were made below ask. Inventory grew in the condo market, but fell for co-ops.

Condominium Market Snapshot 

While March posted year-over-year growth in sales, April’s contract activity was down compared to both last year and last month. Average price increased slightly by 2%. However, median price dropped 22% due to a large number of lower priced sales in Harlem. Marketwide, average price per square foot increased by 2%, and all bedroom types saw increases except the one bedroom category. There have been annual increases in average days on market every month in 2017; listings spent 137 days on market before selling in April, up from 99 days in April 2016. There was less negotiability this year than last, implying that discounts weren’t as severe as last April. Inventory increased as well, as buyers have more options this year than last.



Cooperative Market Snapshot 

Sales were down versus last year and last month, though not as strongly as in the condo market. Price metrics all increased, including all bedroom types showing year-over-year growth, especially three plus bedrooms. Average days on market grew 28% from last year, while dropping from last month. While half of sales are still discounted off their asking price, the average negotiation dropped to only -0.5%, as inventory decreased slightly for the first time in 13 months.


Manhattan Total Listings 

In April inventory was up 5% both annually and month-over-month. Condo inventory, which comprises over half of available listings, increased 9% year-over-year. Townhouse inventory grew year-over-year by 2%. Co-ops however moved in the opposite direction, falling 1%.


Ask vs. Sale Price Comparison 

After reaching an over four-year high in January, the share of sales below the asking price has dropped sharply from 69% to 50%. This is the lowest level of deals negotiated below ask since last March. In the past year, sales at the asking price have grown from 21% to 29% of the market. This suggests that buyers and sellers are becoming more in sync about where prices should be in today’s market.

Please do not hesitate to reach out if you have any questions about the  April report or the Manhattan market in general. I welcome the opportunity to be of assistance to you.


May 3, 2017

Manhattan Two Bedroom Apartments on the Market

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There are 2,043 Two Bedroom apartments on the market now in Manhattan
  • Average price: $2,571,691
  • Median price: $2,190,000
  • Average price per square foot: $1912
  • Average days on market: 124
3,776  Two Bedroom apartment sold in the last 12 months.
  • Average price:$1,978,722
  • Median price: $1,650,000
  • Average price per square foot $1605
  • Average days on market 93



Apr 30, 2017

Manhattan One Bedroom Apartments on the Market

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There are 1,980 One Bedroom apartments on the market now in Manhattan
  • Average price: $1,232,642
  • Median price: $999,5000
  • Average price per square foot: $1581
  • Average days on market: 113
4,739  One Bedroom apartment sold in the last 12 months.
  • Average price: 945,353
  • Median price: $815,000
  • Average price per square foot $1291
  • Average days on market 82

Apr 17, 2017

Manhattan Monthly Market Report | March 2017

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Market Wide Summary 

With subtle improvements in pricing and sales activity, March marked a solid month for both the condo and co-op markets. While the month-to-month uptick in sales during the start of spring is typical of seasonality, sales were also up year-over-year.

Relative to last year, average price dipped marginally in the condo market while growing by a significant 20% in the coop market.

Median price and average price per square foot also saw year-over-year gains market wide, though listings spent more time on the market compared to March 2016. Co-op inventory held steady versus last year, while condo inventory grew 9%, a trend that has sustained since early 2016.


Condominium Market Snapshot 

March sales activity saw a year-over-year boost of 2%, though average price was down by the same amount. Both median price and average price per square foot remained about level with March 2016’s figures. Changes in average price per square foot by bedroom type were subtle, with three bedrooms being the only category to show a year-over-year decline, by 4%.

Listings spent more time on the market this year relative to last year, jumping to 119 days in March 2017 from 99 days in March 2016. Nearly 40% of listings spent over 100 days on the market this month, whereas the figure fell closer to 30% last March.

Negotiability was almost unchanged from last year, but discounts across the market were considerably smaller than last month. Inventory was up 9% compared to last year and 8% compared to last month.



Cooperative Market Snapshot 

Market dynamics for co-ops were largely positive this month, with sales activity and pricing metrics up across the board. Signed contracts rose by 1% versus last year, as average price grew by 19% over the same period. Median price was also up, by 16% year-over-year and 23% from last month.

Average price per square foot grew 4% market wide, with one bedrooms and three plus bedrooms seeing double-digit annual gains. Discounts were larger this year than last year, but remained level with February’s figure.

The only area where the co-op market lagged relative to last year was time spent on the market -- co-ops were on the market 22% longer than last year, and 18% longer than last month. For the first time in a year, inventory held steady versus last year rather than increasing.



Manhattan Total Listings 

Typical of seasonal norms, inventory grew this month. For the third consecutive month, inventory marketwide has risen versus the prior month. Inventory also saw modest annual growth of 5%. Condos made up over half of market share of total listings at 54%.

Townhouse inventory grew 7% annually, while co-op inventory remained unchanged year-over-year for the first time since early 2016. Condo inventory, on the other hand, increased year-over-year.



Negotiability Factor 

While there have been upward and downward shifts month-to-month, the overall trend since Spring 2016 has been increasing negotiability in favor of the buyer. In the condo market, overall negotiability was level with last year at -1.9%.

Co-ops saw greater discounts this March versus last at -1.3%. This month, 56% of sales marketwide were below ask, and the average discount this month was around 4% on deals negotiated. In the condo market, 64% of transactions were below ask, compared to 51% in the co-op market. Surprisingly, 20% of the deals sold for above ask, at an average of 4% over ask.


Apr 13, 2017

Brooklyn Market Report | First Quarter 2017

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I am delighted to share with you our Q1 2017 Brooklyn Market Report.  Inside you will find a detailed analysis of residential real estate sales that closed in Brooklyn in Q1 2017 (January 1st -  March 31st).

Key Findings of the First Quarter Report:

  • Sales climb on excitement over new developments. It was a busy First Quarter for Brooklyn as closed sales increased in number by 7% over last year, and signed contracts by 14%. The number of new development closings alone were up 82% over the same quarter in 2016.

  • Prices shatter records. High-end units drove market activity generally and sent market-wide metrics soaring. The median price for an apartment climbed to a record $750K, up 30% over Q1 2016, while the median price per square foot rose to $1018, up 29%.

  • Supply is dwindling as buyers snap up property. Overall, the number of available properties contracted by 10%, but among resales alone the figure is more like 20%. That has left developers to try and meet the demand – the number of new development units for sale increased by half versus a year ago.

 1Q bROOKLYN mARKET rEPORT
Click for Report

Please do not hesitate to reach out if you have any questions about the report or the Brooklyn market in general. I welcome the opportunity to be of assistance to you.

Apr 8, 2017

Harlem Townhouses on the Market Now

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There are 43 townhouses on the market now in Harlem

  • Average price: $2,883,372
  • Median price: $2,795,000
  • Average price per square foot: $809
  • Average days on market: 119

57 townhouses sold in the last 12 months in Harlem

  • Average price: $2,285,000
  • Median price: $2,350,000
  • Average price per square foot $715
  • Average days on market 110


The Harlem Townhouse Market is very desirable as single family homes, multi-family and mixed use income producing buildings. 


Apr 7, 2017

Upper West Side Townhouses on the Market

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There are 45 townhouses on the market now on the Upper West Side of Manhattan



  • Average price: $10,888,533
  • Median price; $9,800,000
  • Average price per Sq Ft: $1,763


Upper West Side, Manhattan Townhouse Market today is very desirable as single family homes and multi-family income producing rental buildings for investors. 


Apr 4, 2017

Manhattan Market Report | First Quarter 2017

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I am delighted to share with you our Q1 Manhattan Report.  Inside you will find a detailed analysis of residential real estate sales that closed in Manhattan in Q1 2017 (January 1st -  March 31st).

Key Findings of the First Quarter Report:

  • A shift in the market. Buyers – who had shown fatigue with high prices in 2016 – came back into the market, while sellers who had adjusted to market conditions with price reductions found themselves making deals.
  • Prices hold their position. Overall, average and median prices were essentially unchanged from a year ago. The median price in Manhattan is $1.13 million and the median price per square foot is $1,360 (each down 1% vs Q1 2016).
  • Buyer activity returns. The First Quarter experienced the first year-over-year increase in signed contracts in six quarters. Contracts rose 3% versus a year ago and 5% over the prior quarter.
  • More inventory, but still mildly under-supplied. All bedroom types except studios had year-over-year increases in inventory; on the whole, there were 10% more properties on the market than in Q1 2016. This was the sixth consecutive quarter in which the number of properties available for sale was up.

 Manhattan Market Report -1Q 2017

Please do not hesitate to reach out if you have any questions about the report or the Manhattan market in general. I welcome the opportunity to be of assistance to you.


Mar 22, 2017

Manhattan Monthly Market Report | February 2017

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Market Wide Summary 

Contract activity increased market wide this past February, up by 7% compared to last year. The condo market saw notable year-over-year increases in all pricing metrics as the co-op market saw small decreases across the same metrics. Both markets, however, were marked by increases in the amount of time listings spent on the market, fueled by market wide inventory growth. Negotiability favoring the buyer was more pronounced in both markets, a trend that has persisted since early 2016 due to increasing buyer choice.

Condominium Market Snapshot 

While price metrics were promising this past February, condos spent significantly more time on the market than last year. Contract activity was down slightly compared to last year, though increased 11% from last month. Average price showed a significant increase this month, driven by a crop of sales at the top of market. In line with this rise in average price, the condo market saw annual gains in both median price and average price per square foot, by 15% and 10%, respectively.

One and three plus bedrooms each experienced 17% growth in average price per square foot as the metric for two bedrooms held steady. Average price per square foot for studios dropped 14% year-over-year as there were no sales over $2,000 psf. Continuing last month’s trend, year-over-year average days on market increased significantly - by 54%.

The past year has been marked by year-over-year inventory increases, and February was no different; inventory grew 6% versus last year. Discounts were pervasive, as difference from last ask to sale was -3.5% compared to -2.6% last year.



Cooperative Market Snapshot

 Co-op sales showed an uptick this past month, rising 17% from last February and a significant 35% from last month. Average price held steady, though average price per square foot dropped 5%. The greatest decrease this month was seen in the market for three bedrooms, while the greatest increase was in the studio market. Median price also dipped year-over-year, by 3%.

As in the condo market, average days on market for co-ops increased as inventory grew, both metrics were up by 5%. There was less negotiability this month than in January, but more negotiability versus last year as buyers continue to have more options in the co-op market.


Manhattan Total Listings

Typical of seasonality, February’s listings rose after a dip in inventory in the early months of winter. Total inventory was up 6% year-over-year, and condos continued to make up over half of all listings. There were 399 townhouses on the market this month, an annual increase of 6%. As seen in the condo and co-op markets, increasing inventory can have an impact on negotiability and days on market, as buyer have more options and feel less pressure to move quickly.


Ask vs. Sale Price Comparison 

Compared to last February, almost all price categories saw a decrease in sales above ask and an increase in sales below ask. The one notable exception is the market for listings under $1MM. Due to scarcity, listings in this market were sold above ask more frequently than in any other price category. At the other end of the spectrum, there were no listings sold above ask in the $5MM+ category, and almost 90% of transactions sold below ask. Negotiability in each price category is highly impacted by each price category’s amount of inventory relative to sales.


Mar 18, 2017

Brooklyn Market Report | February 2017

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Brooklyn Market Wide Summary 

February saw a double-digit increase in contract activity versus last year, with 26% more sales. Listed inventory increased mostly, up just 3% versus last February.

Median and average sale price experienced significant annual gains, with double-digit growth of 22% and 29%, respectively, marking the largest increase in pricing since March 2015.

All bedroom types except for studios experienced a 6% rise in pricing over the last year, fueling overall price per square up 10% year-over-year to $880 per square foot.

The trend of price discounts continued into February, with an average discount of 2.4% off asking price, and nearly half of sales below asking price.


Brooklyn Apartment Listings 

Total listed inventory in February rose 3% compared to last year, and was up 2% month-over-month. The annual inventory gain was solely due to condos, as co-op inventory actually declined 6%. Condo inventory was up 11% year-over-year.


 
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