Showing posts with label real estate. Show all posts
Showing posts with label real estate. Show all posts

Jan 5, 2016

Manhattan Market Report Fourth Quarter 2015

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I am delighted to share with you our Q4 Manhattan Report.  Inside you will find a detailed analysis of residential real estate sales that closed in Manhattan in Q4 2015 (October 1st through December 31st).

Key Findings of the Fourth Quarter Report:

·         A new record price.  The median price for an apartment in Manhattan reached $1,100,000, its highest level ever recorded.  The median price per square foot is now $1,348, up 12% from a year ago.
·         More closings but fewer contracts. Though closings continue briskly, the pace of sales slowed as 12% fewer contracts were signed in the fourth quarter versus the year prior.
·         More inventory, finally. The available inventory of homes was up 14% from a year ago, though the total is just over 5,000 – a level we still consider “undersupplied.”






















As always, I will continue tracking the residential market closely throughout 2016, and would welcome the opportunity to answer any questions you may have about the market report or the market generally. 

If you have any questions regarding your future and specific needs, please contact me for expert market knowledge and exceptional service.


Nov 12, 2015

Manhattan Monthly Market Report | October 2015

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Manhattan Monthly Market Report | October 2015

Market Wide Summary

Manhattan contracts increased 22% from September, a larger than normal monthly boost than past Octobers. However, sales have been declining year-over-year since August, and were down from last October. Both condo and co-op buyers signed contracts faster than last month and last year, and 51% of buyers found success in negotiating the listing price.

More listings are on the market compared to last month, which is typical for October, but the total of 6,180 is 2% less than a year ago and inventory still remains very low. In fact, listings have hovered around 6,000 for nearly three years, while during the three years prior (2010 to 2012) listings averaged 8,400.

New development sales are gaining market share as more new properties enter the market. However, more moderately priced properties attracted buyers this month, dropping the average new development sale price to half the figure a year ago.

Condo median was 9% higher than last year, but average price was 10% lower. Co-op median price was 12% higher than a year ago, a figure that has been growing annually since August 2014. Strong demand for co-ops is not being met with enough supply.


Condominium Market Snapshot

Condo median was 9% higher than last year, but average price was 10% lower. Co-op median price was 12% higher than a year ago, a figure that has been growing annually since August 2014. Strong demand for co-ops is not being met with enough supply.

Price negotiability increased this month in the condo market. The average discount was 1.7%, while last year and last month the discount was under 1%. This figure is still very low relative to the discounts seen a few years a ago, but negotiability is increasing. 

This month, as with the past four, more than half of condo transactions were signed below ask. Overall average price declined 10% from last year, partially due to fewer sales of large residences, but due also to a significant increase in market share of one bedroom residences. 

The 9% median price increase was exaggerated by last year’s low figure, which was the second lowest median price in all of 2014. Time on the market for condos was 76 days on average, lower than both last year and last month despite more inventory available. One bedrooms in particular gained market share and sold the fastest. One bedrooms also had the largest price per square foot increase of any bedroom type versus a year ago.


Cooperative Market Snapshot

Co-op signed contracts were up 22% versus last month but down 20% versus the very strong October 2014 figure. Listed coop inventory was down 10%, the eleventh consecutive month of year-over-year inventory declines.

The co-op market further tightened as days on market fell relative to both last year and last month, to just 76 days on average. Average and median price grew versus last year with a 15% increase in average sale price, a 12% increase in median sale price, and an 8% increase in
average price per square foot.

Studio, one bedroom, and two bedroom units all had price per square foot growth, while three+ bedroom price per square foot declined minimally year-over-year.

New Listings by Price Category


Manhattan Total Inventory by Price Point

In preparation for the Fall selling season, sellers listed 4% more apartments and townhouses than in September. Compared to the same time a year ago, inventory is 2% lower. However, while total listings are down from last October, condo inventory is actually up 5%.

At 3,070 listings, condo inventory is at its highest level since July 2013. Since June, condo listings have been at or above 50% of inventory. Co-op listings were down 10% and have been declining for eleven consecutive months. Townhouse listings were down 3% compared to October 2014



Oct 1, 2015

Third Quarter 2015 Manhattan Market Report

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I am delighted to share with you the Q3 Manhattan Report.  A detailed analysis of residential real estate sales that closed in Manhattan in Q3 2015 (July 1st through September 30th).

Key Findings of the Third Quarter Report:

·         Continuing record prices.  With new development sales robust, the median price for an apartment in Manhattan reached $999,000, a ten-year high.  The median price per square foot is now $1,284, up 11% from a year ago.
·         More sales. The pace of closed sales was up 3% over the same quarter one year prior, and there were 11% more signed contracts.
·         Another inventory contraction. For just the fourth time in the last ten years, the number of properties available for sale in Manhattan fell below 5,000 – a dramatic shortage that is helping to maintain the rise of sale prices.























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




Sep 16, 2015

Manhattan Monthly Market Report | August 2015

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Market Wide Summary 

August is typically one of the slowest months of the year in the Manhattan real estate market. While condos had a drop in signed contracts for the month, the number of contracts signed on co-ops increased slightly. Overall sales dropped by 5% year-over-year.

Prices rose in all measures versus last year, with the average price for a condo up 35%, and co-ops 32%. While prices in August 2014 were atypically low, the significant price increase relative to last year is largely explained by a jump in the proportion of sales over $3MM. Sales over $3MM represented 18% of total sales this month, relative to 14% in July 2015 and just 8% in August 2014. Conversely, sales below $500,000 represented just 12% of total sales activity this month compared to 20% a year ago.

Discounts from last ask to sale price remained very low, slightly below 1% for condominiums and almost negligible for co-ops. Overall inventory has declined notably since last year, largely owing to the 19% decrease in co-op inventory.

Condominium Market Snapshot 

The condominium market showed sizable price gains relative to last year, with overall sale price up 30% and median price up 37%. However, this jump in price is somewhat deceiving, as the average sale price in August 2014 was skewed downwards by the limited number of larger units sold.

Three bedroom units represented just 16% of total contracts signed in August 2014 relative to 22% in August 2015. Average price per square foot rose 17% versus August 2014. One bedroom units experienced the largest year-over-year increase in average price per square foot, up 27% relative to last August.

Difference from last ask to sale declined relative to last month and last year. Days on market remained relatively low at 86 days, approximately level with last month but 13% higher than a year ago.


Cooperative Market Snapshot

Co-op prices saw significant gains relative to last year, with co-op average sale price up 32% and median price up 8%. Average price per square foot rose 19% relative to both last month and last year.

Three bedroom units experienced the most substantial increase, rising 44% versus August 2014. This steep increase is largely due to several big co-op deals this month, including the sale of a $14.5 MM unit at 795 Fifth Avenue. Each of the three most expensive units to sell this month had been on the market for over one year, skewing this month’s days on market figure upwards.

Average days on market rose to 96 days, a 39% increase relative to last month and a 10% rise versus August last year. Negotiability was once again nearly non-existent in the co-op market, and co-op inventory decreased for the 44th consecutive month.


Jul 1, 2015

Manhattan Market Report | Second Quarter 2015

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I am delighted to share with you our Q2 Manhattan Report.  Inside you will find a detailed analysis of residential real estate sales that closed in Manhattan in Q2 2015 (April 1st through June 30th).

Key Findings of the Second Quarter Report:

·         Record high prices.  Thanks in large part to sales of new development properties, the average price increased 8% to $1.81 million, the highest we have ever recorded.  The average price per square foot is now $1,637.
·         More sales. The pace of closed sales was up 2% over the same quarter one year prior, and there were 7% more signed contracts.
·         Rising inventory. Although the market is still experiencing relatively limited supply, the number of homes listed for sale in Manhattan was up 12% over the same quarter in 2014, as freshly released new development properties reached the market, and homeowners took advantage of the spring selling season.























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

 
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