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Brooklyn Sale Prices Up 5 Percent Heading Into Home Shopping Season

Rising prices amidst low inventory and fewer price cuts in Manhattan and Brooklyn paint a competitive picture for buyers this spring, according to the February 2017 StreetEasy Market Reports

Mar 31, 2017

NEW YORK, March 31, 2017 /PRNewswire/ --

Key facts for February 2017:

  • Manhattan's median resale price rose 1.3 percent over the past year, to $990,142.
  • Brooklyn's median resale price rose 5.2 percent over the past year, to $569,429.
  • Upper Manhattan median resale price grew at the highest rate year-over-year among Manhattan submarkets, at 7.8 percent, while the median resale price in East Brooklyn reported the highest year-over-year sale price growth in Brooklyn, up 11 percent.
  • Manhattan had nearly 7 percent fewer homes on the market than a year ago. In Brooklyn, there were 2 percent more homes on the market than at this time last year.
  • Thirty-eight percent of Manhattan homes had a price cut in February, down from a peak of 45 percent in September. In Brooklyn, 26 percent of homes had a price cut, down from a high of 32 percent in September.

Brooklyn home sale prices rose more than 5 percent since last February, increasing to a median resale pricei of $569,429, according to the February 2017 StreetEasy® Market Reportsii. In Manhattan, sale prices rose 1.3 percent to a median resale price of $990,142.

In both boroughs, the lower-priced submarkets experienced the most sales price growth in February.  East Brooklyn reported the highest year-over-year sale price growth of all Brooklyn submarkets, up 11 percent since last February to a median resale price of $492,688. In Manhattan, the Upper Manhattan submarket reported the highest price appreciation, up 7.8 percent to a median resale price of $673,874.

Low inventory and few price cuts will be the defining characteristics of this year's home shopping season. In Manhattan, there are nearly 7 percent fewer homes to choose from than a year ago. Thirty-eight percent of Manhattan homes had a price cut in February, down from a peak of 45 percent in September. Upper and Downtown Manhattan submarkets reported the greatest drops in inventory among all Manhattan submarkets. In Upper Manhattan, there were 23.4 percent fewer homes on the market this February than last, and 7.6 percent fewer in the Downtown submarket.

While there were 2 percent more homes on the market in Brooklyn overall, shoppers looking in Northwest Brooklyn, East Brooklyn and Prospect Park submarkets had fewer homes to choose from in February than last year. There were 19.7 percent fewer homes on the market in Northwest Brooklyn, 11.7 percent fewer in East Brooklyn and 7.4 percent fewer in Prospect Park compared to this time last year. Twenty-six percent of homes had a price cut in Brooklyn, down from a high of 32 percent in September.

"Low inventory and strong demand is the perfect mix for a competitive housing landscape, and that's what this home shopping season is shaping up to be. Buyers shopping in areas where homes are still relatively affordable, such as Upper Manhattan and East Brooklyn, should be prepared to move quickly on a home when they find the right fit," said StreetEasy Senior Economist Grant Long. "Even though prices are on the rise, growth is still much slower than in years past and may level off in coming months. The skyline is filled with cranes. More homes will be coming on the market, which will likely ease price appreciation, bringing some relief to prospective buyers, especially those interested in higher price points."

In Manhattan, the median rent was $3,199, down 0.3 percent since last February, according to the StreetEasy Rent Indicesiii. This is down an average of $70 per month from its August 2016 peak. In Brooklyn, the median rent dropped 2.6 percent to a median rent of $2,787 per month, which is about $130 per month below its July 2016 peak.

Upper Manhattan reported the largest rent increase of all Manhattan submarkets, up 3.5 percent year-over-year to a median rent of $2,392. In Brooklyn, South Brooklyn reported the largest rent increase with prices up 2.7 percent to a median rent of $1,711. Rents fell in Northwest Brooklyn, North Brooklyn, Midtown Manhattan and the Upper East Side, with North Brooklyn reporting the greatest drop; rents here fell more than 8 percent since last February.

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

February 2017
StreetEasy
Price Index

Annual
Change

February 2017
StreetEasy Rent
Index

Annual
Change

Annual
Inventory
Change

Manhattan

$990,142

1.3%

$3,199

-0.3%

-6.8%

Downtown

$1,190,291

-1.0%

$3,601

0.1%

-7.6%

Midtown

$851,084

0.2%

$3,291

-1.6%

-2.6%

Upper West Side

$1,078,966

1.3%

$3,151

0.1%

-7.4%

Upper East Side

$1,013,385

2.8%

$2,664

-0.6%

-3.8%

Upper Manhattan

$673,874

7.8%

$2,392

3.5%

-23.4%

Brooklyn

$569,429

5.2%

$2,787

-2.6%

2.0%

North Brooklyn

$848,935

-4.4%

$2,906

-8.2%

29.5%

Northwest Brooklyn

$887,349

9.4%

$2,972

-2.5%

-19.7%

Prospect Park

$759,181

3.4%

$2,803

0.3%

-7.4%

South Brooklyn

$437,060

6.1%

$1,711

2.7%

14.8%

East Brooklyn

$492,688

11.0%

$2,402

1.5%

-11.7%

 

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 Median resale price is measured by the StreetEasy Price Indices, 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/ 
ii   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. 
iii Similar to the StreetEasy Price Indices, median rents are measured by the StreetEasy Rent Indices. By including only valid and verified listings from StreetEasy and 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-streeteasy-rent-indices/

 

SOURCE StreetEasy

For further information: Media contact: Lauren Riefflin, StreetEasy, 212-804-6850 or press@streeteasy.com


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