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This week in real estate market reports
A weekly feature bringing you the industry’s latest intel
New condominium sales are projected to reach record levels over the next few years, according to the latest batch of New York City real estate market reports. The East Village is seeing home prices plummet, and 2016 land sales are expected to fall significantly short of last year. Check out more in our roundup of the week’s market reports.
Residential
2016 Manhattan new developments: CityRealty
New condominiums have projected sales of $30 billion through 2019, with more than 92 buildings and 8,000 apartments currently in the pipeline. Read the full report here.
East Village home sales: PropertyShark
The East Village saw sales prices drop more than 30 percent in March and April. While the median home price across Manhattan was just over $1 million, the median home in the East Village sold for $700,000 in April. Read the full report here.
Belmont analysis: Ariel Property Advisors
The Bronx neighborhood has seen steady growth over the years and a large boost from Fordham students looking to rent apartments at prices far exceeding the borough’s monthly average. Read the full report here.
May 2016 Manhattan absorption: Brown Harris Stevens
Manhattan’s absorption rate for all condos and co-ops was up to 5.4 months at the end of May. Upper Manhattan had the lowest rate of 3.8 months. Read the full report here.
Manhattan luxury contracts May 30-June 5: Olshan Realty
Luxury home sales dipped during the first week of June. Manhattan buyers signed 24 contracts for homes listed $4 million and above, with an average asking price of $6.4 million. Read the full report here.
Commercial
Mid-Q2 2016 NYC development activity: ABS Partners Real Estate
Land sales in 2016 are expected to fall significantly short of last year and developers are looking to scale back on luxury new developments to bring down prices. Read the full report here.