Tag Archives: streeteasy

NYC Sellers Offer Fewer Price Cuts Despite a Surplus of Homes for Sale

Posted on by
Reply

Even with July’s glut of inventory and slowing market, the share of price cuts fell across the city

New York, NY – Aug. 22, 2019 (PRNewswire) Though the NYC sales market continued to slow in July, sellers offered fewer discounts than they did earlier in the summer, according to the July 2019 StreetEasy Market Reportsi.

In Manhattan, the number of price cuts offered by sellers declined four percentage points from two months earlier, when 15.6% of homes had a discount — the highest share in 2019 so far. Queens and Brooklyn saw a similar trend, with price cuts down 1.5 and 2.8 percentage points from the highs of earlier this summer.

The StreetEasy Price Indexii in Brooklyn and Queens dropped to levels not seen since 2013, falling 1.4% in Brooklyn and remaining unchanged in Queens since last year. However, these price declines were driven largely by a surplus of new inventory in East Brooklyniii and Northeast Queensiv. Meanwhile, in Manhattan, prices decreased 4.5% to $1,099,175, their lowest level since April 2015.

With so many NYC homes not finding buyers, there is a continued glut of for-sale inventory. On top of the existing surplus, new inventory increased in all three boroughs analyzed, led by Queens, where 877 new homes came onto the market. Total for-sale inventory in the borough reached a new high of 3,610 homes, up 22.5% from last year.

“It’s typical for the number of price cuts to dip during the summer, when many sellers skip town and shift their focus away from selling their homes,” says StreetEasy Economist Nancy Wu. “But for motivated sellers, now is actually the time to offer discounts and help prospective buyers notice your property. With the return of home-shopping season this fall, and a wave of new homes coming to market, sellers will soon have even more competition, making additional price cuts — possibly at record levels — virtually inevitable.”

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

July 2019 Key Findings — Manhattan

  • Prices dropped to 2015 levels. The StreetEasy Manhattan Price Index decreased 4.5% to $1,099,176, its lowest level since April 2015.
  • Price cuts declined everywhere except Upper Manhattan. The share of price cuts dropped 1.4 percentage points boroughwide to 11.6%. Seller discounts in Upper Manhattanv, the only submarket without a decrease, remained the same year-over-year at 12.9%.
  • Total sales inventory increased. Inventory rose 10.9% compared to last July, with 9,822 homes on the market.
  • Recorded sales prices dropped to 2017 levels. Manhattan’s median recorded sales price dropped 12% since last year to $967,250 — dipping below $1 million and hitting the lowest level since October 2017.
  • Rents reached all-time highs. The StreetEasy Manhattan Rent Indexvi reached $3,295 — an annual increase of 3.0%. Rents rose in all submarkets, led by the Upper East Side, where a 2.8% uptick drove rents to $3,060.

July 2019 Key Findings — Brooklyn

  • Home prices in Brooklyn dropped, led entirely by weakness in East Brooklyn. The StreetEasy Brooklyn Price Index dropped 1.4% since last year, led by a 3.3% decline in the East Brooklyn submarket — including Bed-Stuy, Bushwick, Crown Heights, and East New York — where a surplus of inventory and new development has led to falling prices.
  • The share of price cuts remained the same. The share of price cuts in the borough remained at 11.8% year-over-year. The share of price cuts in North Brooklynvii decreased the most, falling 2.5 percentage points year-over-year to 12.1%.
  • Inventory increased boroughwide, led by Northwest Brooklyn. The number of homes for sale in Brooklyn rose 16.9% to 6,031, with inventory in Northwest Brooklynviii up 29.5%, to 934 homes on the market.
  • The median recorded sales price fell. Recorded sales prices fell 1.4% from last year to $799,000.
  • Rents rose at the fastest rate since 2016. The StreetEasy Brooklyn Rent Index increased 3.2%, with rents reaching an all-time high of $2,676 in the borough. This was the fastest annual increase in Brooklyn rents since April 2016.

July 2019 Key Findings — Queens

  • For the first time since 2013, prices did not rise. Boroughwide, the StreetEasy Queens Price Index remained the same as last year at $508,339, led by Northeast Queens, where a surplus of inventory caused a dip in prices.
  • The same number of sellers offered price cuts as last year. The share of price cuts stayed flat at 10.8% in Queensoverall, but decreased in Northwest Queensix, falling 1.9 percentage points to 11.3%.
  • Sales inventory grew the most of the boroughs analyzed. Total sales inventory reached a record high in the borough at 3,610 homes for sale — up 17.8% from last year.
  • Recorded sales prices reached a record high. Boroughwide, the median recorded sales price reached a record high of $585,000 — up 8.3% year-over-year.
  • Rents increased at the fastest rate of all boroughs analyzed. Rents in Queens jumped 3.5% in July, the fastest rate of growth in the city. The StreetEasy Queens Rent Index reached a new high of $2,182.

The complete StreetEasy Market Reports for Manhattan, Brooklyn and Queens, with additional neighborhood data and graphics, can be viewed here. Definitions of StreetEasy’s metrics and monthly data from each report can be explored and downloaded via the StreetEasy Data Dashboard.

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 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.
iii The East Brooklyn submarket includes Bed-Stuy, Bushwick, Crown Heights, and East New York.
iv The Northeast Queens submarket includes Bayside, Briarwood, Flushing, Kew Gardens, Kew Gardens Hills, Oakland Gardens and Whitestone. 
v The Upper Manhattan submarket includes Central Harlem, East Harlem, Hamilton Heights, Inwood, Morningside Heights, Washington Heights and West Harlem. 
vi The StreetEasy Rent Indices are monthly indices that track changes in rent for all housing types and are currently available from January 2007 in Manhattan, January 2010 in Brooklyn, and January 2012 in Queens. Each index uses a repeat-sales method similar that used to calculate the StreetEasy Price Indices. The repeat method evaluates rental price growth based on homes in a given geography that have listed for rent more than once. More details on methodology here.
vii The North Brooklyn submarket includes Williamsburg, East Williamsburg and Greenpoint. 
viii The Northwest Brooklyn submarket includes Downtown Brooklyn, Fort Greene, Brooklyn Heights, Boerum Hill, DUMBO, Red Hook, Gowanus, Carroll Gardens, Cobble Hill, Columbia St. Waterfront District and Clinton Hill. 
ix The Northwest Queens submarket includes Astoria, Long Island City, Sunnyside and Ditmars-Steinway.

Wave of NYC Home Sales May Point to Strengthening Market

Posted on by
Reply

April’s rise in sales and dip in new listings should give hope to NYC sellers, according to the StreetEasy April 2019 Market Reports

New York, NY – May 23, 2019 (PRNewswire) The number of for-sale homes going into contract spiked in April, particularly in Manhattan, an indicator that the NYC sales market may be strengthening. Pending salesi in Manhattan increased 26.6% from last year, reaching their highest levels since the spring of 2015 — an encouraging sign for New Yorkers looking to sell their home this year.

While more homes went into contract, less inventory hit the market. There were 9.6% fewer homes listed for sale in Manhattan this April compared to last year, and total sales inventory available in the borough grew at the slowest pace in a year. In Brooklyn and Queens, inventory growth slowed significantly from the highs we saw in March. New inventory increased by 2.2% in Brooklyn and 13.4% in Queens in April compared to an increase of 31.6% and 26.3% respectively in March.

Price growth remained weak across Manhattan, Brooklyn and Queens. The StreetEasy Manhattan Price Indexii fell to $1,105,595 — down 5.2% from last year and the largest drop since the financial crisis. Prices in Brooklyn were also down 0.4% from last April, dropping to $706,582. In Queens, prices continued to grow, but at the slowest pace since 2016 — up 2.4% to $516,739.

“While many sellers are still struggling to attract a buyer, April brought some good news to those who have feared a continued slide in the sales market,” says StreetEasy Senior Economist Grant Long. “Early signs tell us that some sellers are finally pricing their homes more realistically and finding buyers when they do so. Those still struggling to find the right buyer should take this as a sign to revisit their pricing expectations. Buyers are out there, but with most of the bargaining power in their hands, they’re going to continue to hold out for more reasonable prices.”

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

April 2019 Key Findings — Manhattan

  • The most homes went into contract since 2015. The number of pending sales in Manhattan increased 26.6% from last year, up by more than 250. The number of homes entering contract in Upper Manhattaniii doubled year over year, from 66 to 132.
  • Inventory growth slowed. While sales inventory growth remained in the double digits at 10.8%, it still moved at the slowest pace in 13 months. The volume of new inventory hitting the market shrank by 9.6% over last year.
  • Prices continued to drop. The StreetEasy Manhattan Price Index fell 5.2% from last April — down by $60,096 to $1,105,595, the lowest level since May 2015.
  • As sellers priced homes more strategically from the start, fewer made price cuts. The share of homes with a price cut fell slightly for the first time in 13 months. Some 14.1% of Manhattan homes saw a price decrease in April — down 0.6 percentage points from last year. The share of price cuts fell the most in the Upper West Sideiv — down 2.1 percentage points to 14.2%.
  • Luxury home inventory dropped slightly. The number of homes for sale priced within the top 20% of the market fell by 0.3%, the first year-over-year decrease in inventory since February 2018.

April 2019 Key Findings — Brooklyn

  • Pending sales rose the most in the city. Of the boroughs analyzed, the number of homes entering contract grew the most in Brooklyn — up 30% from last April.
  • The pace of inventory growth slowed. In April, 2.2% more homes were added to the market than the same time last year, pushing for-sale inventory in Brooklyn to a new high.
  • Brooklyn prices stagnated overall, and dropped significantly in North Brooklyn. The StreetEasy Brooklyn Price Index fell just 0.4% since last year to $706,582. In North Brooklynv, the borough’s most expensive submarket, prices fell at the fastest pace since 2011 — dropping 2.0% to $1,120,548.
  • The share of price cuts rose slightly. Borough wide, 11.6% of homes for sale were discounted — up 1.5 percentage points from last year. All five submarkets in the borough had an increased share of price cuts, though North Brooklyn saw the most, with its share of discounts increasing by 1.8 percentage points to 11.7%.
  • Homes spent more time on the market. Brooklyn homes for sale spent a median of 60 days on the market in April — up 11 days from last year. Homes in South Brooklynvi came off the market three days faster than this time last year, to a median of 65 days on the market.

April 2019 Key Findings — Queens

  • More homes entered contract than last year. Following a similar trend to the rest of the city, Queens saw 10% more pending sales than last April. In Northwest Queensvii, 4.1% more homes entered contract over last year, but the submarket experienced a significant drop from the month prior, with 100 more pending sales in March than in April.
  • Sales inventory growth slowed. While total inventory rose by 21.1% in the borough, it was the smallest increase since last summer. New inventory added to the Queens sales market in April was up by 13.4% year-over-year.
  • Prices grew, but at the slowest rate in two years. The StreetEasy Queens Price Index reached $516,739 — up 2.4% from last year. Price growth in the borough showed signs of slowing from the higher rates seen since 2016, including the peak growth rate of 7.3% which occurred in June 2018.
  • Price cuts rose slightly. The share of price cuts in Queens was the smallest out of the boroughs analyzed at 9.9%, up 1.3 percentage points from last year. Northwest Queens saw a decrease in the share of price cuts — down 2.6 percentage points to 12.4%
  • Homes spent more time on the market. Homes in Queens spent a median of 57 days on the market — an increase of 9 days from last year, but the shortest period of the 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 https://streeteasy.com/blog/data-dashboard/.

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 StreetEasy defines pending sales as homes that are in-contract. An offer has been made and accepted, and the closing is pending.

ii 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.

iii The Upper Manhattan submarket includes Hamilton Heights, Washington Heights, Inwood, West Harlem, Central Harlem, East Harlem, Manhattanville and Marble Hill.

iv The Upper West Side submarket includes Lincoln Square, Upper West Side, Manhattan Valley and Morningside Heights.

v The North Brooklyn submarket includes Greenpoint and Williamsburg.

vi The South Brooklyn submarket includes Sunset Park, Bay Ridge, Dyker Heights, Bensonhurst, Bath Beach, Gravesend, Borough Park, Kensington, Coney Island, Brighton Beach, Ditmas Park, Seagate, Flatbush, Midwood, Sheepshead Bay, Manhattan Beach, East Flatbush, Canarsie, Flatlands, Marine Park, Bergen Beach, Old Mill Basin, Greenwood and Gerritsen Beach.

vii The Northwest Queens submarket includes Astoria, Long Island City, Sunnyside and Ditmars-Steinway.

NYC Rents Hit All-Time Highs as Discounts Diminish

Posted on by
Reply

Rents in Manhattan and Brooklyn rose at the fastest pace in three years, according to the StreetEasy Q1 2019 Market Reports [i]

New York, NY – April 18, 2019 (PRNewswire) As the New York City sales market continued to weaken in the first quarter of 2018, asking rents across the city rose to record highs, according to the latest StreetEasy Market Reports.

The StreetEasy Manhattan Rent Indexii reached a new peak for any first quarter at $3,217, while rents in Brooklyn and Queens reached all-time highs of $2,608 and $2,173, respectively. Rents declined in only one area of the city, North Brooklyniii, amid an oversupply of inventory that remained vacant as a result of the anticipated L train shutdown. Rents in the submarket fell to $3,061, a slight decrease of 0.5%.

As rents rose, landlords were less likely to offer markdowns on asking prices. All analyzed boroughs saw a significant reduction in the share of units offering rent cuts. Brooklyn’s share saw the largest year-over-year drop since 2011: down 6.7 percentage points from last year to 17.1% of units. At the same time, the median rent cut also shrank in all three boroughs, dropping to the smallest discount on record in Brooklyn and Queens, each at 3.4%, and dipping close to an all-time low in Manhattan at 3.9%.

“We’re coming out of an unusually competitive winter rental season in which many renters found themselves in a weaker negotiating position than in years past,” says StreetEasy Senior Economist Grant Long. “As would-be buyers opt to embrace renting while sale prices are falling, the competition that new grads and other transplants entering the city’s workforce would typically bring this time of year will be even more pronounced. This spring, landlords will have the upper hand, and renters should be prepared to move quickly to make sure they get a place they love.”

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

Q1 2019 Key Findings — Manhattan

  • Rents rose at the fastest pace since 2016. The StreetEasy Manhattan Rent Index rose to $3,217 – the highest first-quarter level on record, up 2.6% since last year. Rents in Manhattan have not risen this quickly since 2016.
  • Rent cuts were harder to find and smaller than ever. The share of rent cuts dipped 3.6 percentage points, down to 23.4%. The median rent cut also decreased slightly to 3.9% — down 0.2 percentage points from last year.
  • Sales prices dropped at the fastest pace since 2010. The StreetEasy Manhattan Price Indexiv fell 5% to $1,105,671. Prices in Midtownv dropped the most, falling 5.5% to $1,155,483 — a low not seen since 2015.
  • Price levels in the luxury market dipped below $4 million. The StreetEasy Price Index for the luxury tier — the top 20% of the market — dipped below $4 million for the first time since 2013. Luxury prices were down 4.7% to $3,982,868.
  • 1 in 4 homes had a price cut. Nearly a quarter of Manhattan homes (24.6%) received a price cut in the first quarter — with the share rising 2.6 percentage points since last year.

Q1 2019 Key Findings — Brooklyn

  • Rents reached an all-time high. The StreetEasy Brooklyn Rent Index rose 2.2% to $2,608, an all-time high for the borough. Northwest Brooklyn rents rose the most — up 3.3% to $3,068.
  • The share of rent cuts fell the most. Only 17.1% of rentals had a price cut in the first quarter, down 6.7 percentage points from last year and dipping to the lowest share since 2011.
  • Sales prices rose slightly. The StreetEasy Brooklyn Price Index rose 0.4% to $712,413. Prices increased the most in South Brooklynvi — up 4.6% to $726,979.
  • More sellers cut their asking price. The share of homes with price cuts rose 6.3 percentage points to 21.2% borough-wide. While the share of price cuts grew, the median price cut remained unchanged from the previous year at 5.2%.
  • Homes took two weeks longer to sell. Homes for sale stayed on the market for 14 days longer than last year — up to 85 days total, the longest period since 2012.

Q1 2019 Key Findings — Queens

  • Rents reached an all-time high. The StreetEasy Queens Rent Index increased 2.5% to an all-time high of $2,173. Rents in Northwest Queensvii rose the most — up 2.3% to $2,264.
  • Landlords offered rent cuts on 1 in 5 units. The share of rent cuts fell to 20.6% in the borough — down 2.0 %age points annually. Discounts were hardest to find in Northeast Queensviii, where the share dropped 2.7 percentage points to 19.2%.
  • Defying the broader slowdown, Queens home prices continued to rise. The StreetEasy Queens Price Index increased 3.0 % year-over-year to $517,996.
  • Sales inventory increased significantly. Inventory jumped 26.1% over the same time last year in the borough, bringing the number of homes for sale close to an all-time high of 4,435.
  • Price cuts were rare but more common than last year. Queens sellers were the least likely to cut their asking price, with 17% of homes offering a discount, up 5.0 percentage points from last year.

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 https://streeteasy.com/blog/data-dashboard/.

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 The StreetEasy Rent Indices are monthly indices that track changes in rent for all housing types and are currently available from January 2007 in Manhattan, January 2010 in Brooklyn, and January 2012 in Queens. Each index uses a repeat-sales method similar that used to calculate the StreetEasy Price Indices. The repeat method evaluates rental price growth based on homes in a given geography that have listed for rent more than once. More details on methodology here.
iii The North Brooklyn submarket includes Greenpoint, Williamsburg and East Williamsburg.
iv 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.
v The Midtown submarket includes Roosevelt Island, Midtown, Central Park South, Midtown South, Midtown East and Midtown West. 
vi The South Brooklyn submarket includes Sunset Park, Bay Ridge, Dyker Heights, Bensonhurst, Bath Beach, Gravesend, Borough Park, Kensington, Coney Island, Brighton Beach, Ditmas Park, Seagate, Flatbush, Midwood, Sheepshead Bay, Manhattan Beach, East Flatbush, Canarsie, Flatlands, Marine Park, Bergen Beach, Old Mill Basin, Greenwood and Gerritsen Beach.
vii The Northwest Queens submarket includes Astoria, Long Island City, Sunnyside and Ditmars-Steinway.
viii The Northeast Queens submarket includes Flushing, Whitestone, College Point, Fresh Meadows, Kew Gardens Hills, Kew Gardens, Bayside, Douglaston, Little Neck, Auburndale, Glen Oaks, Floral Park, Bellerose, Briarwood, New Hyde Park, Oakland Gardens, Hillcrest, Pomonok, Utopia, Bowne Park, Clearview, Alley Park and Queensboro Hill.