Tag Archives: inventory

Manhattan Sales Inventory Rises at Fastest Pace on Record

Posted on by
Reply

For-sale inventory soars across New York City, while recorded sales fall by more than 25 percent

New York, NY – June 21, 2018 (PRNewswire) Home prices and sales inventory spiked in May, with inventory across the city reaching all-time highs, according to the May 2018 StreetEasy Market Reports(i). While sales inventory often peaks in May amid home-shopping season, this year set new records. Inventory in Manhattan rose 16.7 percent compared to last year, the largest year-over-year increase on StreetEasy recordii. Brooklyn and Queens saw similar surges, with inventory up 23.4 percent and 42.8 percent, respectively.

Streeteasy Logo

While inventory levels rose dramatically, the number of recorded sales fell for the third consecutive month. Recorded sales dropped in every submarket across Brooklyn, Manhattan and Queens, with the largest annual dips occurring in Upper East Side, Midtown and the Rockaways. Despite the additional inventory, the StreetEasy Price Indexiii rose in all three boroughs since last year. Prices in Queens increased the most: up 9.1 percent to an all-time high of $544,587, making the median home in Queens $45,000 more expensive than a year ago.

“Sellers are betting on a wave of demand from the peak shopping season, but this summer’s market has turned out to be a crowded one,” says StreetEasy Senior Economist Grant Long. “However, prices are high and continue to rise. More affordable homes are the hardest to find, and are sure to sell quickly. But higher-end homes, particularly those joining the market from the ongoing stream of new development, will be pressured to lower prices or linger on the market. This summer is poised to offer an excellent negotiating opportunity for buyers with big budgets.”

See below for additional sales and rental market trends across Manhattan, Brooklyn and Queens.

May 2018 Key Findings — Manhattan

  • Sale prices rose in all submarkets but one. The StreetEasy Manhattan Price Index increased 0.6 percent to $1,157,995. Prices rose in four of the five submarkets, led by an increase in the Upper East Side, where the median home price rose 1.9 percent to $1,038,046. Prices in Downtown Manhattan remained flat at $1,691,204.
  • Inventory rose at a record pace. Sales inventory in Manhattan rose 16.7 percent year-over-year. The Upper East Side experienced the largest increase, with inventory up 20.2 percent since last year.
  • One out of every six homes received a discount. Sixteen percent of homes for sale were discounted, an increase of 3.6 percentage points year-over-year.
  • For-sale homes spent less time on the market. Units in the borough spent a median of 55 days on the market, a three-day dip from last year. The Upper East Side and Upper West Side were the only submarkets where homes lingered longer — up 10 days and 17 days, respectively.
  • Rents rose in every Manhattan submarket. The StreetEasy Manhattan Rent Indexiv rose 1.4 percent to $3,183. Rents in Upper Manhattan rose the most — up 2.5 percent to $2,307.
  • Fewer rentals offered a discount. Sixteen percent of rentals in Manhattan were discounted in May, a decrease of 1.6 percentage points from last year.

May 2018 Key Findings — Brooklyn

  • Prices reached new highs in North Brooklyn. The StreetEasy North Brooklyn Price Index increased 11.1 percent to $1,229,838, a record high for the submarket despite the looming L train shutdown. Borough-wide, prices rose by just 1.1. percent since last year, to $720,555.
  • The number of homes with a price cut reached an all-time high. The share of sales with a price cut reached an all-time high of 12.4 percent, a rise of 3.3 percentage points from May 2017.
  • Sales inventory continued to climb, except in North Brooklyn. Sales inventory in the borough reached a record high — up 23.4 percent over last year. Inventory rose the most in South Brooklyn, which saw a 44.7 percent increase over last year. North Brooklyn was the only submarket where inventory dropped, by 6.7 percent since last year.
  • Brooklyn homes spent more time on the market. Homes stayed on the market for a median of 53 days in the borough, 6 more days than last year. North Brooklyn homes are coming off the market after an average of 43 days — 26 days faster than last year.
  • Rents rose in all submarkets except North Brooklyn. The StreetEasy Brooklyn Rent Index increased 1.4 percent year-over-year to $2,562. South Brooklyn experienced the largest spike: up 2.6 percent to a median rent of $1,885. North Brooklyn was the only submarket where rents stagnated, likely because of the L train shutdown starting in April 2019. Rents in the submarket remained flat at $3,062.

May 2018 Key Findings — Queens

  • Price cuts rose to an all-time high. The share of homes with a price cut reached a new high in Queens at 11.1 percent, an increase of 3.5 percentage points over last year.
  • Sales inventory swelled. Queens saw the largest year-over-year increase in inventory, rising 42.8 percent. All five submarkets in the borough saw a surge in inventory.
  • Queens homes are selling slightly faster than last year. The median number of days on market for Queens homes was 56, down 2 days from last year. Homes in Northeast Queens and Northwest Queens took longer to sell than last year, with an increase of 12 days and 6 days on the market, respectively.
  • Rents remained flat. The StreetEasy Queens Rent Index held at $2,113. But rents in South Queens rose 6.9 percent year-over-year, to a median of $1,775.
  • Queens was the only borough with an increase in the share of discounted rentals. Seventeen percent of Queens rentals offered discounts: up 2.9 percentage points over last year, and the highest share of the three boroughs analyzed.

The complete StreetEasy Market Reports for Manhattan, Brooklyn and Queens, with additional neighborhood data and graphics, can be viewed at streeteasy.com/blog/research/market-reports/. Definitions of StreetEasy’s metrics and monthly data from each report can be downloaded at streeteasy.com/blog/download-data/.

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 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.

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, Brooklyn and Queens 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, Brooklyn and Queens with more than a decade of history for most metrics. The reports are compiled by the StreetEasy Research team. For more information, visit https://streeteasy.com/blog/research/market-reports/. StreetEasy tracks data for all five boroughs within New York City, but currently only produces reports for Manhattan, Brooklyn and Queens.

(ii) Sales inventory is the number of sales listings available on StreetEasy at any point during the month

(iii) The StreetEasy Price Indices 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 2007 in Brooklyn and Queens. 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. Levels of the StreetEasy Price Indices reflect average values of homes on the market. Data on the sale of homes is sourced from the New York City Department of Finance. Full methodology here: http://streeteasy.com/blog/methodology-price-and-rent-indices/

(iv) The StreetEasy Rent Indices utilize a similar methodology to the StreetEasy Price Indices and include only valid and verified listings from StreetEasy. By 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-price-and-rent-indices/

Consumers Continue Shopping for Homes in Most Regions as Low Inventory Persists

Posted on by
Reply

South Region experiences highest year-over-year increase for third consecutive month while the West continues to decline, according to the ShowingTime Showing Index®

Chicago, IL – June 21, 2018 (PRNewswire) Homebuyer demand remained strong throughout the country in May as showing activity increased 1.2 percent year over year, according to the ShowingTime Showing Index®.

ShowingTime Logo

The South Region experienced a 3.8 percent year-over-year increase compared to May 2017, exhibiting the highest regional year-over-year increase for the third consecutive month. The Midwest (2.4 percent) and Northeast (0.2 percent) also had slight year-over-year increases.

Showing activity in the West Region dropped 5.2 percent compared to May 2017, marking its fourth consecutive year-over-year monthly decrease.

ShowingTime Chief Analytics Officer Daniil Cherkasskiy said May 2018’s numbers are mostly comparable to the previous year, with the exception of the West.

“While the spring season saw a substantially higher level of buyer traffic, May numbers came mostly in line with the levels experienced last year,” Cherkasskiy said. “Activity was up slightly year over year in the Midwest, South and Northeast, while the West Region declined.”

The ShowingTime Showing Index, the first of its kind in the residential real estate industry, is compiled using data from property showings scheduled across the country on listings using ShowingTime products and services, which facilitate more than 4 million showings each month.

Released the third week of each month, the Showing Index tracks the average number of appointments received on an active listing during the month. Local MLS indices are also available for select markets and are distributed to MLS and association leadership.

To view the full report, visit www.showingtime.com/index.

ShowingTime is the leading showing management and market stats technology provider to the residential real estate industry, with more than 1.2 million active listings subscribed to its services. Its MarketStats division provides interactive tools and market reports for MLSs, associations, brokers, agents and other real estate companies, along with recruiting software that enables brokers to identify top agents. Its showing products take the inefficiencies out of the appointment scheduling process for real estate agents, buyers and sellers. ShowingTime products are used in more than 200 MLSs representing over 1 million real estate professionals across the U.S. and Canada.

This press release was issued through 24-7PressRelease.com. For further information, visit www.24-7pressrelease.com.

Redfin Housing Demand Index Posted Slight Decline from March to April Amid Ongoing Inventory Crunch

Posted on by
Reply

Uptick in Newly Listed Homes in April a Positive Turn for Homebuyers, May and June Home Sales

Seattle, WA – May 29, 2018 (PRNewswire) (NASDAQ: RDFN) — The Redfin Housing Demand Index fell 1.3 percent month over month to 106 in April, according to Redfin (www.redfin.com), the next-generation real estate brokerage. April marked the third consecutive month of declines this year.

Redfin Logo

The Demand Index is based on thousands of Redfin customers requesting home tours and writing offers. The Demand Index is adjusted for Redfin’s market share growth. A level of 100 represents the historical average for the three-year period from January 2013 to December 2015.

“April was the first time in 27 months that we saw a year-over-year decline in the number of customers touring homes,” said Redfin chief economist Nela Richardson. “We believe this was driven by the low levels of new listings in March. However, April’s 6.6 percent increase in new listings is a positive turn for homebuyers and bodes well for May and June home sales.”

From March to April, the seasonally adjusted number of buyers requesting home tours dropped 1.4 percent, while the number of buyers making offers fell 1.8 percent.

Looking at year-over-year comparisons, the Demand Index declined 11.5 percent from April 2017. The number of buyers requesting home tours dropped 3.7 percent year over year, and the number of buyers making offers fell 22.1 percent.

Across the 15 metros covered by the Demand Index, the number of homes for sale fell 7.3 percent year over year in April, the 35th consecutive month of falling supply. However, newly listed homes for sale increased 6.6 percent in April compared to a year earlier.

To read the full report, including metro-level demand charts, please visit: www.redfin.com.

About Redfin
Redfin (www.redfin.com) is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer’s favor. Founded by software engineers, Redfin has the country’s #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry’s lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $60 billion in home sales.