The Real Deal New York

The week in real estate market reports

A weekly feature bringing you the industry’s latest intel
By Chava Gourarie | December 22, 2016 03:45PM

(Credit: PropertyShark)

According to this week’s market reports, Brooklyn is the most unaffordable borough, the Bronx saw a 25.3 percent median price increase in 2016, and 78.5 percent of properties that received a 421a tax subsidy don’t include affordable housing units.

Residential

Top 50 priciest neighborhoods | PropertyShark
Eight of the top 10 priciest neighborhoods in the city are in Manhattan, with Tribeca leading the pack with a median sales price over $4 million. Dumbo placed fifth with a 44 percent increase compared to last year at $2 million; Forest Hills Gardens in Queens landed at 10th, with a median sales price at $1.53 million. See the full list here.

Luxury market report | Olshan Realty
Eighteen contracts above $4 million were signed between Dec. 12-18, for a total of $164 million, down 15 percent from the average of the previous four weeks. The number of contracts signed also dipped significantly from the past two weeks, both of which saw more than 30 contracts signed on homes priced $4 million and up. Read the full report here.

Mapping 421a housing | NYU Furman Center
Of the buildings that receive 421a since 1971, 78.5 percent do not contain any affordable housing units. A Furman Center study found that 14.8 percent of those buildings have on-site affordable housing, and 4.4 percent support off-site affordable housing. Read the full report here.

NYS November home sales | New York State Association of Realtors
The median price per home rose 23.5 percent in the Bronx, 12 percent in Brooklyn, and 11 percent in Queens, compared to a 6.7 percent average increase in the state. Read the full report here.

Home affordability Index | RealtyTrac
Brooklyn is one of the least-affordable markets in the country with 127 percent of average wages needed to buy a median priced home. Both Brooklyn and Queens are less affordable than the historic norm; Bronx and Long Island have improved in affordability. Read the full report here.

Housing starts | US Census Bureau
There were 1.09 million privately-owned housing starts in November, 18.7 percent below the previous month’s estimate of 1.3 million. Read the full report here.

Global Residential Cities Index | Knight Frank
New York’s housing market grew just 1.8 percent between September 2015 and 2016, putting it 102nd out of 150 cities tracked worldwide. It was the weakest-performing in America, though Seattle scored highest at 11 percent. The top eight cities were in China, and 20 of 33 cities that decreased were in Europe. Read the full report here.

September home sales | CoreLogic
Distressed sales made up 7.3 percent of all home sales in September in the New York-New Jersey area, and 44.5 percent of transactions were cash sales, significantly higher than the national average, at 31.7 percent. Read the full report here.