Quarter 1 has recently closed and the latest market reports are out. Thanks to Town Residential’s Aggregate Report, Jonathan Miller’s Douglas Elliman Sales and Rental Reports, Streeteasy, Trulia, and UrbanDigs for the latest data about market conditions across the boroughs.
For the first time ever, the average sales price in Manhattan has exceeded $2M. The median sales price is at $1.2M, up 17% from this time last year. These increased prices are attributable to several new development deals that closed during the 1st quarter of the year. For resales, the median price is currently at $960K. The homes most in demand at the moment are priced between $600K and $1.5M, a price range that saw a 6% increase year over year. The market is expected to see a cool down this year, a benefit for buyers who will see more flexibility from sellers and broader financing options from banks, and an opportunity for sellers to move their properties quickly by setting the right price to attract buyers looking to take advantage of the market shift.
For the first time since 2014, the rental market saw a very slight decrease in pricing, with the average rental price in Manhattan down 3.1% year over year to $3,989.
The average price for a Brooklyn home increased 6.2% year over year to $795,409 in Q1 of 2016. The median sales price for homes in Brooklyn grew 8.4% from last year to $662,431. The first quarter saw a 26.9% year over year increase in number of Brooklyn sales, up from 1,507 in Q1 2015 to 1,912 in Q1 2016. Another impressive figure is the number of days on the market which fell nearly 38% year over year from 112 days to 70 days. These dramatic increases are due to a lack of sales inventory available to meet buyer demand.
The average rental price in Brooklyn saw a year over year increase of 0.2% to $3,065. The median rental price for a home in Brooklyn is $2,775.
The Queens market slowed during the 1st Quarter of 2016 after seeing rapid gains during the second half of 2015. The average sales price decreased 3.4% from Q1 of 2015 to $475,498, while the median sales price decreased 10.4% to $399,888.
Queens rentals also saw a 2.1% year over year decline with the average rental price at $2,927 and the median rental price down 5.2% to $2,799 for Q1 2016.
Please stay tuned for additional market data on an ongoing basis and for the Q2 report in three months from now!