Median home price: $395,400
Monthly payment: $2,011.69
Salary needed: $86,215.44
- Prices are high, but past the peak. Prices were up versus last year, and still occupy near-record levels. The median price in Manhattan is $1.1 million (up 10% vs a year ago) and the median price per square foot is $1,314 (up 2% vs the same period). But it now appears that First Quarter 2016 will be the peak moment of the post-2009 growth period, as the Third Quarter marked the second straight quarter of stagnant or lower prices in most categories.
- The pace of sales continues to slow. For a third straight quarter, the number of sales was off from 2015. 17% fewer sales closed and 18% fewer contracts were signed in the Third Quarter of 2016 than one year prior.
- More inventory on the way. For a fourth consecutive quarter, the number of properties available for sale was up. Though only at 5,860 units – which is to say about five months’ supply – this is still 21% above the prior year. Tight inventory is enabling sellers to stay aggressive in their valuations; but the more choices buyers start to have, the more downward pressure will grow around asking prices.
Full Q3 report for Manhattan can be found on Corcoran.com.
- Prices break records for a second quarter in a row. Thanks to the rapid growth of new development in Brooklyn, prices surpassed the previous high water mark from Q3 2008. The median price in Brooklyn is now $675,000 and the average price per square foot $950, both higher than at any time since Corcoran began keeping records.
- Fewer sales. The slower pace of sales – driven particularly by contraction in the co-op market – continued for the third straight quarter. Total sales in Brooklyn were down 19% from the prior year.
- Inventory growth tilts to middle and high-end. New development inventory rose by 40% over last year, boosting available listings by 7% overall. The lion’s share of the new inventory exceeds $750,000 in price, giving greater choice to mid-level and high-end buyers, while the number of co-operatives and listings at the lower end became scarcer.
The Full Q3 Report for Brooklyn can be found on Corcoran.com.
New Development launch and broker party today! YUM! While not quite Downtown Brooklyn, it’s very close (see debate on Park Slope vs Gowanus border). Going to launch parties is indeed one of my favorite things to do as a agent, the only thing better then checking out real estate, is checking it out with your friends AND cocktails! I’m excited about 613 Baltic, not only because it’s in Downtown Brooklyn-ish, giving the area a much needed breath of condo air, but it’s from JDS — so it’s gonna be super fancy pants. The renderings have been a bit generic so the broker launch party tonight might be my best chance to get in on some much needed details!
Manhattan residential real estate had a robust year in 2015. Closings were up year-over-year and average price per square foot, average price, and median price all reached record highs. Average price per square foot in 2015 was up 5% year-over-year to $1,645, average price increased 6% to $1.787M, and median price increased 8% to $990K. Overall condo inventory steadily increased during the year as a result of new development introductions, but co-op inventory reached a near record low.
Corcoran has published their 2015 Year End Review for Brooklyn, and unsurprising to anyone, the borough continues its relentless march to increasing sales, an excerpt, “Brooklyn has had a continued streak of increasing sales, improving year after year since 2012. Demand was remarkably strong in Brooklyn, record high prices were achieved and inventory this year was overall higher than last year. Average price was 10% higher than a year ago and average price per square foot grew 13% to $805 per square foot…“
Downtown Brooklyn’s skyline is in constant flux as towers compete to claim “tallest tower” in Brooklyn, and “most iconic”. But while most of the developments have been rentals, a few coming up are condos, and 319 Schermerhorn is one them. It’s new developer Adam America bought the site for a (reportedly) $30M. And plans are 21 stories 65 1-3 bedroom units as the “Nevins Condominium”. Currently offerings are expected around Q2-Q3. Sadly, I haven’t seen any new renderings that have the handcrafted bricks or fedora-loving staff.