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Inventory Shrinks as Home Shopping Season Gets Underway

There were 11 percent fewer homes on the market in Manhattan and 10 percent fewer in Brooklyn than a year ago, according to the April 2017 StreetEasy Market Reports

May 31, 2017

NEW YORK, May 31, 2017 /PRNewswire/ -- A shortage of inventory presents a challenge for Manhattan and Brooklyn home shoppers this summer, especially in areas where lower-priced homes are concentrated, according to the April 2017 StreetEasy® Market Reportsi.

"Ongoing job growth and more confidence among first-time buyers has boosted demand for homes, particularly in more affordable areas of the city," said StreetEasy Senior Economist Grant Long. "Echoing a nationwide trend, low inventory in Manhattan and Brooklyn will continue as the New York City economy remains strong, and will likely push prices higher heading into the summer."

"For renters, this summer will be one of the most favorable shopping environments that we've seen in years," said Long. "Increased demand in the summer months will put some upward pressure on rents, but landlords will likely continue to offer concessions, particularly in areas with large amounts of new units, such as Downtown Brooklyn and the Financial District."

April 2017 Key Findings - Manhattan

  • Manhattan resale prices hit another record high. The Manhattan median resale price increased 1.3 percent year-over-year to $993,592ii.
  • As prices rose, inventory declined. There were 11 percent fewer homes for sale in Manhattan than in April 2016iii.
  • Lower-priced inventory fell the most in Manhattan. Sales inventory fell the most in Upper Manhattan, the least expensive Manhattan submarket, with 25 percent less homes on the market than last year.
  • Manhattan rent prices continue to decline. Manhattan's median rent price decreased 1.1 percent to $3,232 compared to last year and has dropped steadily since last falliv.

April 2017 Key Findings - Brooklyn

  • Brooklyn resale prices hit another record high. The median resale price continued to increase, rising 6.3 percent year-over-year to $584,121.
  • Prices rose the most in more affordable submarkets. In South Brooklyn, the median resale price rose 9 percent to $441,570. In East Brooklyn, the median resale price rose 5.5 percent to $480,366.
  • Prospect Park and Northwest Brooklyn buyers had the fewest homes to choose from. There were 24 percent fewer homes for sale in both submarkets relative to April 2016.
  • Brooklyn rents declined for eighth consecutive months. Brooklyn's median rent price fell 3.7 percent year-over-year to $2,785.

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

April 2017
StreetEasy
Price Index

Year-
over-Year

Change

Year-over-
Year Sales

Inventory

Change

April 2017
StreetEasy
Rent Index

Year-
over-Year

Change

Manhattan

$993,592

1.3%

-11.0%

$3,232

-1.1%

Downtown

$1,239,526

1.7%

-11.9%

$3,710

-0.2%

Midtown

$851,604

-0.3%

-6.5%

$3,258

-3.3%

Upper East Side

$984,127

1.1%

-7.6%

$2,744

-0.1%

Upper Manhattan

$633,959

2.2%

-24.9%

$2,402

2.7%

 

Upper West Side

$1,082,752

1.3%

-14.7%

$3,113

-1.1%

 

Brooklyn

$584,121

6.3%

-9.8%

$2,785

-3.7%

East Brooklyn

$480,366

5.5%

-15.7%

$2,450

-0.5%

 

North Brooklyn

$889,677

-1.2%

1.4%

$2,937

-6.6%

Northwest Brooklyn

$858,230

2.6%

-24.3%

$3,047

-2.3%

Prospect Park

$801,514

4.2%

-24.5%

$2,703

-2.0%

South Brooklyn

$441,570

9.0%

3.0%

$1,567

-10.3%

 

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 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/.  

iii Sale inventory data is based on sales listings of condos, co-ops, townhouses and single-family homes available on StreetEasy.

iv 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: Lauren Riefflin, StreetEasy, press@streeteasy.com


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