TOWN Data | Contract Signed Report 5/16

An authoritative source on Manhattan’s Luxury Market, TOWN Residential is pleased to share the Contract Signed Activity Report, an up-to-the-minute report of the last week’s activity broken down by neighborhood and price point. 

During Week 20, May 8 through May 14, 257 contracts – comprised of 143 co-ops, 107 condos, 4 condops, and 3 townhouse – were signed in Manhattan. 

Of the units in contract, 69 were priced from $1,000,000-$2,000,000 and 54 were priced from $2,000,000-$5,000,000 with an average days on market of 91 and 109 respectively.

Please click below for a neighborhood by neighborhood analysis.

TOWN Data | April Sales Recap

TOWN Residential, New York’s leading luxury real estate services firm, is proud to share The April Recap, the latest in a series of monthly updates on residential sales trends and pricing across Manhattan. 

During the month of April, the market registered an average sales price of $2.43 million and a median sales price of $1.74 million. In total, 575 properties were sold, 1,028 contracts were signed, and 1,579 new listings hit the market. 

The market has registered renewed activity in the luxury market comprised of properties priced at and above $10M. The number of active listings in this category continues to grow each month; in April, 62 new listings hit the luxury market, following the 59 that debuted in March, the 46 in February, and the 37 in January. 

Strong nationwide fundamentals are increasingly contributing to a strong real estate market, including increased new home sales, construction spending, building contracts, housing permits, and housing starts. With its lowest unemployment rate since 2007, the United States remains one of the top geographic regions attracting real estate investment around the world. New York City continues to emerge as a forerunner; currently, the city is welcoming a steady stream of new development projects in Brooklyn, the South Bronx, and Queens. 

Examining the market by building type, the price of co-ops made up 46% of the price of condos. Since March, average prices across Manhattan decreased by 1.7%. Over the course of the same period, the condo market reflected an average price decrease of 1.5%, while the average price of co-ops increased by 1%. A year over year analysis of the Manhattan market reveals that the overall average listing price decreased by 5.3%; registering a 5.7% decrease for condos and a slight increase for co-ops.

 Though reflecting a 2.1% decrease since March, the Downtown macro neighborhood again carried the highest average price across all apartment types at $3,064,899.

TOWN Data | Week in Numbers 5/12

TOWN Residential is proud to share the Week in Numbers, a clear-cut amalgamation of data intended to keep you up-to-date and ensure you make the most informed decisions.

During the 19th week of 2017, May 5 through May 11, the average sales prices and rental prices dropped 0.4% and 0.1% respectively.

TOWN Data | Location Report 5/12

The old adage rings true, location is everything. In New York City, we have the world’s greatest amenities – from parks and cultural destinations to express transportation and premier shopping – right outside our door. It is with this in mind that TOWN shares the Location Report, the latest amalgamation of data intended to keep you up-to-date and ensure you make the most informed decisions.

As of May 12, the current average price of a Manhattan apartment was $2,416,254.

Within three blocks of these sought-after amenities, you can expect to pay:

 

 

TOWN Data | April Leasing Report

TOWN Residential, New York’s leading luxury real estate services firm, is proud to share the latest installment of the TOWN Leasing Report – a monthly update on residential leasing trends and pricing.   

This April, the overall Manhattan rental market closed at a median price of $3,573. Reflecting no change since last month, the average price per square foot was again $64. The median price of a one-bedroom unit was $3,479, and the average was $3,518.  

Barring a slight decrease in the three-bedroom segment, April again saw slight month over month average price increases across all bedroom types, now for the third month in a row. Since December 2016, the market has registered an overall 2.4% average price increase.

“In typical seasonal fashion, we have experienced a substantial uptick in demand since April 1st,” shared Dan Marrello, TOWN Managing Director of Leasing. “While supply still seems to be outpacing demand, I expect to see concessions and incentives start to dwindle as we head into the peak renting season.” 

Both median doorman and non-doorman prices increased over the course of the month by 2.49% and 2.37% respectively. Since March, total inventory increased by 5.3%, and listings with rent drops increased by a slight 1.2%.  

Following the trend in March, the West Village again had the highest average price per square footage at $85 per square foot, followed by Tribeca at $80 per square foot. Compared to the other neighborhoods, the Upper East Side had by far both the highest total inventory and the most new rentals hit the market; 2,328 and 944 units respectively.  

With credible data and clear-cut methodology, the TOWN Leasing Report is based on an amalgamation of TOWN Residential internal database, open listings and exclusives as broadcast through industry subscription services with the omission of properties priced over $10,000.

TOWN Data | Building Amenities Report 5/8

New York City’s top buildings offer a range of amenities so extensive that residents might never have to leave home. Seasoned Representatives and savvy buyers know the importance of staying up-to-date on the latest amenities and top-notch services that buildings offer, from rooftop lounges to gyms or five star services, children’s playrooms, and more. With this in mind, TOWN is proud to provide you with the Building Amenities Report, the latest amalgamation of data intended to bolster your knowledge of the city’s greatest amenities as they correlate to recent sale prices.

As of May 8, the current average price of a Manhattan apartment was $2,416,254.

In buildings with these amenities, you can expect to pay:

TOWN Data | Concessions Report 5/5

TOWN Residential is proud to share the Concessions Report, an up-to-the-minute recap of the Manhattan marketplace across all neighborhoods. As of May 5, 2017, there were over 2,100 active listings in Manhattan offering either free rent or brokerage commissions paid by landlords and over 600 in Brooklyn/Queens.

TOWN Data | March Leasing Report

TOWN Residential, New York’s leading luxury real estate services firm, is proud to share the latest installment of the TOWN Leasing Report – a monthly update on residential leasing trends and pricing.

Despite a 1% year over year decrease, the Manhattan market again saw slight month over month average price increases across all bedroom mixes, now for the second month in a row. Since February, the average price increased by 1.1% for this March’s total of $3,539. Over the course of the same period, the average price per square foot increased by a slight 0.3% to $64 per square foot. 

Since February, average doorman prices increased by just over 1% for studios through 3-bedrooms, but decreased by 2.8% in the 4+bedroom segment. On the whole, non-doorman rates increased by an average of 2.5% since the previous month.

During March, the market saw an overall 11.3% month over month increase in listings with rent drops. Total inventory increased steadily by 8.5% during the same period.

“Recently, we have seen a decrease in those rental concessions like free rent and owner paid that had been steadily growing over the past few months,” shared Dan Marrello, TOWN Managing Director of Leasing. “We can credit this to the busy rental season that landlords are now anticipating.”

With credible data and clear-cut methodology, the TOWN Leasing Report is based on an amalgamation of TOWN Residential internal database, open listings and exclusives as broadcast through industry subscription services with the omission of properties priced over $10,000.

TOWN Data | The Aggregate, First Quarter 2017

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TOWN Residential, New York’s leading luxury real estate services firm, has released The Aggregate – the firm’s quarterly residential market report. During the first quarter, the overall Manhattan market showed continued strength in sales prices on both quarterly and yearly measures, despite an increase in median days on the market. The average sales price increased by 5.8% since last quarter and by 1.9% since last year for this quarter’s total of $2,218,136.

Market-wide, the median sales price also increased by a significant 10% quarter-over-quarter and a slight 0.4% year-over-year, coming in at $1,155,611. The average price per square foot increased by 1.8% over the quarter to $1,539, which is 3% lower than the price paid during the same time last year. Modest market-wide quarterly gains in median sales prices were reported in the 1- and 2-bedroom categories, with the 1-bedroom segment increasing by 4% to $840,000 and the 2-bedroom segment increasing by less than 1% to $1,705,000.

Similar to the overall sales market, the condo market saw improvement on a quarterly basis, with average and median sales prices both rising by 3.7%. Across Manhattan, 2-bedroom condos made up 36.2% of all sales, followed closely by 1-bedroom condos making up 35.1% of all sales.

At a median price of $766,250, the co-op market saw slight improvement on both quarterly and yearly measures, increasing by 1.5% since last quarter and by 1% since last year. Average sales prices, however, decreased by just under 2% since last quarter and by 3.2% since last year for this quarter’s total of $1,214,476.

“Even though the $1,000,000-$3,000,000 market sector was strongest this past quarter, we can expect rising mortgage interest rates and the much lower luxury rentals to put downward pressure on this sector in the coming quarters,” said Andrew Heiberger, founder and CEO, TOWN Residential.

Auditing the luxury market specifically, 57 transactions were recorded within the $10,000,000 and up condo market during the first quarter registering an average price of $15,895,224, and 4 transactions were recorded within the over $10,000,000 co-op market for an average price of $17,825,000. For luxury condos, the median days on the market was significantly higher at 237 compared to 89 market-wide, while median days on the market for luxury co-ops was only 49.5, lower than the market-wide median of 58.

“While there were a significant number of closings above $10,000,000, it is crucial to note these were mostly for apartments that went into contract years ago in buildings like 56 Leonard and 432 Park. New contracts for apartments priced above $10,000,000 are only for those that offer the best locations, most square footage for the price, and other amenities and features such as views and outdoor space. It is a buyer’s market on the top end,” added Heiberger.

Examining the market by individual neighborhood and property size, The Aggregate revealed a mixture of increasing and decreasing price trends during the first quarter, with the 2-bedroom segment registering as the most volatile across Manhattan.

The Aggregate is a comprehensive study of residential sale transactions across distinct asset classes from January to March 2017. The report compares those transaction values with quarter-over and year-over values, while providing invaluable insight into current trends and market conditions. Data is drawn from the rolling sales data of the Manhattan market along with the live ACRIS feed provided by the New York City Department of Finance.

TOWN Data | My Town Tidbit

In honor of the Westminster Dog Show, we celebrate New York City’s best friends in the way we know best: with data. With over 21,000 registered dogs and 4,748 active apartments on the market that allow pets, Manhattan is brimming with dogs of every shape, size and color. Though the sidewalks are a blur of Great Danes yanking their leashes alongside Shih Tzus peeking out of purses, here’s a factual breakdown of the city’s dogs by the number.

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