NEW YORK, May 31, 2017 /PRNewswire/ -- A shortage of
inventory presents a challenge for Manhattan and Brooklyn home shoppers this summer, especially
in areas where lower-priced homes are concentrated, according to
the April 2017 StreetEasy® Market
Reportsi.
"Ongoing job growth and more confidence among first-time buyers
has boosted demand for homes, particularly in more affordable areas
of the city," said StreetEasy Senior Economist Grant Long.
"Echoing a nationwide trend, low inventory in Manhattan and Brooklyn will continue as the New York City economy remains strong, and will
likely push prices higher heading into the summer."
"For renters, this summer will be one of the most favorable
shopping environments that we've seen in years," said Long.
"Increased demand in the summer months will put some upward
pressure on rents, but landlords will likely continue to offer
concessions, particularly in areas with large amounts of new units,
such as Downtown Brooklyn and the
Financial District."
April 2017 Key Findings -
Manhattan
- Manhattan resale prices hit
another record high. The Manhattan median resale price increased 1.3
percent year-over-year to $993,592ii.
- As prices rose, inventory declined. There were 11
percent fewer homes for sale in Manhattan than in April
2016iii.
- Lower-priced inventory fell the most in Manhattan. Sales inventory fell the most
in Upper Manhattan, the least expensive Manhattan submarket, with 25 percent less
homes on the market than last year.
- Manhattan rent prices
continue to decline. Manhattan's median rent price decreased 1.1
percent to $3,232 compared to last
year and has dropped steadily since last falliv.
April 2017 Key Findings -
Brooklyn
- Brooklyn resale prices hit
another record high. The median resale price continued to
increase, rising 6.3 percent year-over-year to $584,121.
- Prices rose the most in more affordable submarkets. In
South Brooklyn, the median resale
price rose 9 percent to $441,570. In
East Brooklyn, the median resale price rose 5.5 percent to
$480,366.
- Prospect Park and Northwest
Brooklyn buyers had the fewest homes to choose from.
There were 24 percent fewer homes for sale in both submarkets
relative to April 2016.
- Brooklyn rents declined for
eighth consecutive months. Brooklyn's median rent price fell 3.7 percent
year-over-year to $2,785.
The complete StreetEasy Market Reports for Manhattan and Brooklyn with additional analysis,
neighborhood data and graphics can be viewed at
streeteasy.com/blog/market-reports.
Region
|
April 2017
StreetEasy
Price Index
|
Year-
over-Year
Change
|
Year-over-
Year Sales
Inventory
Change
|
April 2017
StreetEasy
Rent Index
|
Year-
over-Year
Change
|
Manhattan
|
$993,592
|
1.3%
|
-11.0%
|
$3,232
|
-1.1%
|
Downtown
|
$1,239,526
|
1.7%
|
-11.9%
|
$3,710
|
-0.2%
|
Midtown
|
$851,604
|
-0.3%
|
-6.5%
|
$3,258
|
-3.3%
|
Upper East
Side
|
$984,127
|
1.1%
|
-7.6%
|
$2,744
|
-0.1%
|
Upper
Manhattan
|
$633,959
|
2.2%
|
-24.9%
|
$2,402
|
2.7%
|
Upper West
Side
|
$1,082,752
|
1.3%
|
-14.7%
|
$3,113
|
-1.1%
|
Brooklyn
|
$584,121
|
6.3%
|
-9.8%
|
$2,785
|
-3.7%
|
East
Brooklyn
|
$480,366
|
5.5%
|
-15.7%
|
$2,450
|
-0.5%
|
North
Brooklyn
|
$889,677
|
-1.2%
|
1.4%
|
$2,937
|
-6.6%
|
Northwest
Brooklyn
|
$858,230
|
2.6%
|
-24.3%
|
$3,047
|
-2.3%
|
Prospect
Park
|
$801,514
|
4.2%
|
-24.5%
|
$2,703
|
-2.0%
|
South
Brooklyn
|
$441,570
|
9.0%
|
3.0%
|
$1,567
|
-10.3%
|
About StreetEasy
StreetEasy is New York
City's leading local real estate marketplace on mobile and the
web, providing accurate and comprehensive for-sale and for-rent
listings from hundreds of real estate brokerages
throughout New York City and the
major NYC metropolitan area. StreetEasy adds layers of
proprietary data and useful search tools to help home shoppers and
real estate professionals navigate the complex real estate markets
within the five boroughs of New York City, as well
as Northern New Jersey and the Hamptons.
Launched in 2006, StreetEasy is based in the Flatiron
neighborhood of Manhattan. StreetEasy is owned and operated by
Zillow Group (NASDAQ: Z and ZG).
StreetEasy is a registered trademark of Zillow, Inc.
i The StreetEasy Market Reports are
a monthly overview of
the Manhattan and Brooklyn sales and rental
markets. Every three months, a quarterly analysis is published. The
report data is aggregated from public recorded sales and listings
data from real estate brokerages that provide comprehensive
coverage of Manhattan and Brooklyn, with most
metrics dating back to 1995 in Manhattan and 2005
in Brooklyn. The reports are compiled by the StreetEasy
Research team. For more information,
visit http://streeteasy.com/blog/market-reports/. StreetEasy
tracks data for all five boroughs within New York City, but
currently only produces reports
for Manhattan and Brooklyn.
ii Median resale price is measured by the StreetEasy
Price Indices, monthly indices that track changes in resale prices
of condo, co-op, and townhouse units. Each index uses a
repeat-sales method of comparing the sales prices of the same
properties since January
1995 in Manhattan and January
2005 in Brooklyn. Given this methodology, each index
accurately captures the change in home prices by controlling for
the varying composition of homes sold in a given month. Data on
sales of homes is sourced from the New York City Department of
Finance. Full methodology
here: http://streeteasy.com/blog/methodology-streeteasy-price-indices/.
iii Sale inventory data is based on sales listings of
condos, co-ops, townhouses and single-family homes available on
StreetEasy.
iv Similar to the StreetEasy Price Indices, median
rents are measured by the StreetEasy Rent Indices. By including
only valid and verified listings from StreetEasy and employing a
repeat rentals approach, the indices emphasize the changes in rent
on individual properties and not between different sets of
properties. Full methodology
here: http://streeteasy.com/blog/methodology-streeteasy-rent-indices/.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/inventory-shrinks-as-home-shopping-season-gets-underway-300465928.html
SOURCE StreetEasy