Q2 2016 Manhattan & Brooklyn Sales Market Report

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Manhattan Trends from last quarter:

• Inventory grew during Second Quarter 2016, up 11% from Q2 2015.  This was mainly due to an increase in both resale condo and new development listings.
• The median Manhattan sale price stayed at $1.150M in Second Quarter 2016, tying prices seen from last quarter.  However, pricing was up 18% compared to last year.
• The average price per square foot also saw a notable increase year-over-year, up 11% to $1,797 per square foot.
• Compared to a year ago, the average days on market rose slightly this quarter.  The average days on market for all of Manhattan averaged 97 days, up 5% from last year’s average of 92 days.

 

Brooklyn Trends from last quarter:

• There were 21% fewer listings on the market during Second Quarter 2016 than during the peak of inventory five years ago.
• This demand has put upward pressure on prices, and new records were set again this quarter. The median price of all Brooklyn apartment sales was $600,000, the highest figure seen since Q4 2009.
• Average price per square foot grew 17% year-over-year to $907 per square foot, surpassing the previous high in Q1 2015 by 7%.
• The length of time between list date and sale date in Brooklyn continued to remain low. Days on market has hovered around 65 days for the past two years.

 

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Q2 and June 2016 Manhattan Rental Market Report

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Rents climbed, both quarter-over-quarter and year-over-year.

• When comparing Q2 2016 with the quarter that preceded it, rents increased across the board. 
• Pricing for studios increased the most, with a 6.3% rise.  Rents for two-bedrooms increased 3.6%.  Pricing was up 3.0% and 1.9% for two- and three-bedroom apartments respectively.   
• Looking year-over-year, prices also increased.  When compared to Q2 2015, the average rent for studios rose 5.7%; one-bedrooms, 3.7%; two-bedrooms, 3.2% and three-bedrooms, 2.6%.

Meanwhile, the vacancy rate fell when compared to Q1 (typical for the season), but rose year-over-year.

• We found 1.69% of Manhattan apartments to be available during Q2 2016, down from 1.77% in the previous quarter.  However, would-be tenants had more inventory to choose when compared to a year ago.  During Q2 2015, 1.39% of apartments were vacant. 

Landlord incentives are down from Q1 (again, typical for the season), but more prevalent than they were last year.

• Quarter-over-quarter, increased seasonal demand has caused the use of incentives to decline. During Q1 2016, 21% of leases signed by Citi Habitats included a landlord concession, compared to 17% during the most recent quarter.  However, their use is up when compared to this time last year.  During Q2 2015, incentives could be found on 11% of new leases.

While the market has strengthened when compared to Q1, it has stalled when looking at the most recent data.

• Average rents remained stable from May to June, increasing minimally for studio and two-bedroom homes, while falling slightly for one- and three-bedroom units. 
• Concessions also declined during the same period, to 16% from 17% in May.  However, the Manhattan vacancy rate rose – albeit slightly – from May (1.68%) to June (1.70%).  This is unusual, as typically we see inventory tighten as we enter the summer months.

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