The latest batch of reports from around the industry found that broker confidence fell slightly in the first quarter of the year and new development condo prices are up 50 percent from 2013.
Q1 2015 NYC multifamily sales: Ariel Property Advisors
Multifamily sales in New York City hit $3.3 billion in the first quarter of 2015, with sales in Manhattan and Brooklyn each exceeding $1 billion. According to a new quarterly report from Ariel Property Advisors, dollar volume for multifamily sales was up 6 percent year-over-year. View the full report here.
Manhattan new developments: CityRealty
New development prices in Manhattan are up 50 percent from 2013, according to a report from CityRealty. Sales of new condominium developments from 2015 and 2019 are expected to total between $27.6 billion and $33.6 billion. The average price for a new development is expected to rise to $5.9 million in 2015, an increase from $4.8 million last year. View the full report here.
Manhattan luxury contracts April 20-26
Forty-one contracts were signed in the third week of April for Manhattan apartments priced at $4 million and above, the highest year-to-date, according to the Olshan Luxury Market Report. Although the number of condo contracts signed surpassed co-ops, it was the highest number of co-op contracts signed since December. View the full report here.
Q1 2015 Real estate broker confidence Index: REBNY
Broker confidence fell slightly in the first quarter of 2015, although confidence remained largely positive, according to the latest broker confidence index from REBNY. Commercial brokers cited financing as their primary concern, while residential brokers were mostly concerned with lack of inventory in the market. View the full report here.
NYC construction spending: New York Building Congress
Spending on residential construction reached an all-time high of nearly $12 billion in 2014, a 73 percent increase year-over-year, according to a report from New York Building Congress. Overall construction spending hit $36 billion in 2014, up 26 percent from 2013. View the full report here.