Upper Manhattan defies borough-wide resi sales slowdown

A weekly feature bringing you the industry's latest intel

TRD New York /
Dec.December 20, 2017 02:56 PM

Upper West Side apartment buildings (Credit: Peter Burka via Flickr)

According to this week’s market reports, Upper Manhattan defied a borough-wide slowdown and the share of adults living with roommates reached an all-time high.

Residential

Rental Report | Zillow

Rising rents across the country are forcing nearly one in three adults to live with a roommate or a parent, the highest share ever reported. In the survey, New York ranked fourth in the nation, with 40 percent of working-aged adults living with a roommate. The figure represents a 7.3 percent increase from 2000. Read the report here.

Sales | StreetEasy

Upper Manhattan defied a sales slowdown in Manhattan in November. During the month, Upper Manhattan posted a 4.2 percent year-over-year increase in median sales price to $513,620. The whole of Manhattan, meanwhile, stayed flat at $1,166,947. Resale prices rose 3.6 percent in Brooklyn and 6.1 percent in Queens. Read the full report here.

Sales | National Association of Realtors

In November, existing U.S. home sales rose for the third consecutive month and reached its highest in almost 11 years. Total sales rose 3.8 percent year-on-year to 5.81 million, the highest since the 6.42 million registered in December 2006. The median price for all housing types stood at $248,000, representing a 5.8 percent increase from the same month last year. Read the report here.

Luxury Sales | Olshan Realty

There were 18 contracts that were signed last week at $4 million and above. The total is identical to the same period last year. For the second week in a row, the most expensive contract was for a unit at 432 Park Avenue, which had an asking price of $29.75 million.

Commercial

REITs and REOCs 2018 Outlook | Moody’s

U.S. REITs and Real Estate Operating Companies have a stable outlook for 2018. The bright spots are industrial REITs, which will likely benefit from growth in the e-commerce industry. Moody’s identified cell towers, data centers, laboratories and medical offices as assets with strong fundamentals. Read the report here (subscription necessary).


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