NEW YORK, Aug. 29, 2016 /PRNewswire/ --
Key facts for July
2016:
- Manhattan's median resale
price increased 2 percent over the last year to $994,458, marking the slowest pace of annual
price growth since April 2012.
- Brooklyn's median resale price
was $563,416 in July 2016, up 4.7 percent since last year and the
slowest annual growth since October
2012.
- Prospect Park was the only submarket where prices declined over
the past year, down 2 percent since July
2015, while East Brooklyn resale prices increased the most
(10.7 percent).
- Manhattan homes sold in a
median of 62 days, up 13 days from last year. Brooklyn homes moved slightly faster, selling
in a median of 53 days, up nine days from last year.
Manhattan and Brooklyn continued to show signs of a calming
sales market, as price growth in both boroughs slowed to a 2012
pace and homes took longer to sell, according to the July 2016 StreetEasy® Market
Reportsi.
Manhattan's median resale price
increased 2 percent since last year to $994,458 in July, the slowest pace of annual
price growth since April 2012,
according to the StreetEasy Price Indicesii. Upper
Manhattan continued to exceed
price growth in all other Manhattan submarkets, with an annual increase
of 5.9 percent, followed by Midtown (3.2 percent), Upper East Side
(2.3 percent) and Upper West Side (1.3 percent). The Downtown
submarket experienced the slowest growth, increasing 0.6 percent
year-over-year.
Brooklyn's median resale price
increased 4.7 percent since last year to $563,416. While still exceeding price growth in
Manhattan, July marked
Brooklyn's slowest annual growth
since October 2012. East Brooklyn
continued to dominate price growth in the borough, remaining the
only submarket across Manhattan
and Brooklyn to experience
double-digit annual price growth at 10.7 percent. South Brooklyn is a distant second at 6.4
percent, followed by North
Brooklyn (4.6 percent) and Northwest Brooklyn (3.1 percent). Prospect
Park was the only submarket among both boroughs to see sales prices
fall, declining 2 percent year-over-year.
Even amid slowing price growth, homes sat on the market longer
in July than the same time last year. In Manhattan, homes went into contract in a
median of 62 days, up 13 days from last year. Homes in the Midtown
submarket sat on the market the longest in July, going into
contract in a median of 68 days, an increase of 10 days from last
year. Homes in the Upper West Side submarket moved the fastest at a
median of 54 days, an increase of 18 days since last year.
Brooklyn homes went into
contract in a median of 53 days, up nine days from last year.
Northwest Brooklyn sales moved
slowly at a median of 58 days. Homes in East Brooklyn went into
contract the fastest in a median of 44 days – almost a month faster
than this time last year.
"Prices are still going up and homes are still expensive across
the board, but we're seeing the market settle back into a more
balanced pace. Price growth last month is mirroring the way the
sales landscape looked in 2012, before the frenzied run-up in
prices that characterized the last few years," said StreetEasy
economist Krishna Rao. "Sellers will
need to continue to level expectations amid a less competitive
market, while buyers have the opportunity to negotiate asking
prices down even further."
Sellers across both boroughs were less likely to receive their
full asking price in July than they were at this time last year. In
Manhattan, sellers received a
median of 97.7 percent of their asking price, whereas they received
100 percent in July 2015.
Manhattan was led by the
enduringly competitive Upper Manhattan submarket at 99.7 percent,
and the Upper East Side was lowest in the borough at 97.5 percent.
In Brooklyn, the median
sale-to-list price ratio was 100 percent, meaning Brooklyn sellers typically received all of
their initial asking price in July. Falling prices in the Prospect
Park submarket fueled a particularly competitive month for the
area, standing out as the only submarket where sellers received
more than their asking price in July (102.9 percent).
According to the StreetEasy Price Forecastsiii,
resale price growth in both boroughs will continue to slow over the
next 12 months. Price growth in Manhattan is expected to increase 1.3 percent
to $1,007,169. Growth will continue
to be led by Upper Manhattan with a price increase of 4.1 percent,
though Upper Manhattan will remain the borough's least expensive
submarket with a price forecast of $665,998. Sales prices in the Upper West Side
submarket are predicted to remain essentially flat over the next 12
months, with a forecast of just 0.1 percent. Brooklyn's median resale price is expected to
increase 3.9 percent to $585,398, led
by North Brooklyn at 6.7 percent
growth. East Brooklyn is predicted to have the least growth at 0.4
percent, while Prospect Park's median resale price is expected to
grow 2.8 percent.
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
|
July
2016
StreetEasy Price
Index
|
Annual
Change
|
July 2016
Median
Sale-to-List Price Ratio
|
July 2016
Median
Days on Market
|
Manhattan
|
$994,458
|
2.0%
|
97.7%
|
62
|
Downtown
|
$1,236,347
|
0.6%
|
97.7%
|
63
|
Midtown
|
$861,746
|
3.2%
|
97.5%
|
68
|
Upper West
Side
|
$1,089,769
|
1.3%
|
97.6%
|
54
|
Upper East
Side
|
$984,786
|
2.3%
|
97.5%
|
65
|
Upper
Manhattan
|
$639,559
|
5.9%
|
99.7%
|
56
|
Brooklyn
|
$563,416
|
4.7%
|
100%
|
53
|
North
Brooklyn
|
$894,374
|
4.6%
|
100%
|
52
|
Northwest
Brooklyn
|
$852,785
|
3.1%
|
100%
|
58
|
Prospect
Park
|
$772,656
|
-2.0%
|
102.9%
|
51
|
South
Brooklyn
|
$413,392
|
6.4%
|
98%
|
53
|
East
Brooklyn
|
$464,379
|
10.7%
|
97.2%
|
44
|
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 prices are measured by the StreetEasy
Price Indices. Also referred to as the StreetEasy Manhattan Price
Index (MPI) and StreetEasy Brooklyn Price Index (BPI), the metrics
are 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 The Manhattan Price Forecast and the Brooklyn Price
Forecast predict the change in resale prices 12 months out from the
current reported period. Each forecast incorporates the Price Index
for each borough as well as a mix of fundamental market factors
including: historical recorded sales price, household income,
population, and taxes.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/manhattan-and-brooklyn-sales-prices-see-smallest-increase-since-2012-300318579.html
SOURCE StreetEasy