Q3 2015 Brooklyn Sales Market Report

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Trends from last quarter:

• Brooklyn’ prices continued to push upward. This quarter there were significant double-digit price gains throughout the borough in all market segments. This quarter’s median price reached $623K, 28% above last year’s figure and the highest annual median price gain in over seven years.
• Overall closings during Third Quarter 2015 dipped 7% compared to Third Quarter 2014 when resale co-ops had the highest number of sales in seven years. As a result, this quarter resale co-op closings were down 15%, while both new development and resale condo closings were higher than last year.
• After over three years of declining inventory since the peak in Second Quarter 2011, available inventory has now increased year-over-year for the fifth consecutive quarter. Total inventory is up 37% relative to its trough during Fourth Quarter 2013.

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Q3 2015 Manhattan Sales Market Report

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Trends from last quarter:

• The median Manhattan sale price this quarter was $999K, up 12% from last year and 5% from last quarter to its highest level in more than ten years. The average sale price was also up compared to Third Quarter 2014, increasing 4% to $1.714M.
• New development sales during Third Quarter 2015 increased a substantial 69% from last year and 30% from last quarter to 558 units. The growing new development market in Manhattan also lead to a notable annual increase in inventory, which was up 18% from last year to more than 800 units.
• Signed contracts were up 11% from last year to 3,250, leading to one of the strongest summer selling seasons in the last five years.

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Weekly Interest Rate Overview

The Markets. Rates on home loans eased down in the past week. Freddie Mac announced that for the week ending October 22, 30-year fixed rates fell to 3.79% from 3.82% the week before. The average for 15-year loans decreased as well to 2.98%. Adjustables were higher, with the average for one-year adjustables rising to 2.62% and five-year adjustables up one tick to 2.89%. A year ago, 30-year fixed rates were at 3.92%, close, but still higher than today’s levels. Attributed to Sean Becketti, chief economist, Freddie Mac — “Following Federal Reserve Governor Daniel Tarullo’s remarks last week Treasury yields dipped. In response, 30-year fixed rates fell 3 basis points this week to 3.79 percent. The housing market continues to benefit from low rates on home loans, with housing starts for September beating expectations and the NAHB’s Housing Market index registering a ten year high in October.”  Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.

Current Indices For Adjustable Rate Mortgages
Updated October 23, 2015

	Daily Value	Monthly Value
	Oct. 22	September
6-month Treasury Security	0.11%	0.18%
1-year Treasury Security	0.23%	0.37%
3-year Treasury Security	0.89%	1.01%
5-year Treasury Security	1.36%	1.49%
10-year Treasury Security	2.04%	2.17%
12-month LIBOR		0.847% (Sept)
12-month MTA		0.243% (Sept)
11th District Cost of Funds		0.639% (Aug)
Prime Rate		3.25%

Q3 and September 2015 Manhattan Rental Market Report

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Q3 2015 Facts:

• Quarter-over-quarter, rents were up across the board.  During Q3, average rents for studio apartments increased the most from Q2, with a 2.7% rise.  Rents for one-bedroom homes rose by 1.5% on average, while pricing for two- and three-bedroom units climbed 1.8% and 2.2% respectively.
• As for vacancy, we found 1.51% of apartments to be available for rent during Q3, up from 1.39% in the second quarter of the year.
• 8% of transactions brokered by Citi Habitats included some form of move-in incentive, compared to 11% during the second quarter of 2015. 

 

 

September 2015 Facts:

• When compared to August, rents remained stable for studio, two- and three-bedroom apartments, while they declined 1% for one-bedroom units.
• The vacancy rate rose month-over-month, from 1.40% in August, to 1.62% in September.
• In September, 10% of leases included a move-in incentive, up from 7% in August.

 

“Manhattan rents have plateaued at high levels, but apartment seekers are increasingly seeking better value in the outer boroughs – hence the higher vacancy rates.   The good news for renters is that a more pro-tenant atmosphere may be on the horizon.  Typically, as the weather cools, so does the Manhattan rental market.”

Gary Malin, President of Citi Habitats

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