Growth for New York City luxury property values is slowing, according to the latest Knight Frank report. In Manhattan, the average sales price remained unchanged at the start of the year. Check out more from March’s residential sales overview and wealth ranking in our roundup of the past week’s real estate market reports.
Residential
Wealth Report: Douglas Elliman and Knight Frank
New York City’s luxury values grew 2.4 percent in 2015, far less compared to Vancouver, Sydney and Shanghai, which saw growth in the double digits. The city ranked 39th behind San Francisco, Miami, Los Angeles and Boston. Read the full report here.
March 2016 residential sales: CityRealty
Manhattan’s average sales price for condo and co-ops remained unchanged at $2.1 million in January, while sales were down from the prior month. Read the full report here.
March 2016 absorption report: Brown Harris Stevens
Manhattan’s absorption rate is tightening. The average rate for condos and co-ops fell to 3.6 months in February from 3.9 months during the same period last year. Read the full report here.
Manhattan luxury contracts: Feb. 22- 28: Olshan Realty
In the first two months of the year, 150 contracts were signed for Manhattan homes priced $4 million and above, compared to 214 signed during the same period last year. Only 21 contracts were signed during the last week of February, including an apartment at 1050 Fifth Avenue, which had an asking price of $16.5 million. Read the full report here.
March 2016 national rents: Zumper
The median rent for one-bedroom apartments in New York City rose 1.9 percent in February to $3,280. In comparison, rent prices in San Francisco jumped 2.6 percent to $3,590. Read the full report here.
New York City evictions: New York Times
Evictions across the city fell 18 percent last year from 26,857 in 2014 to 21,988 in 2015. The city’s eviction rate is at its lowest since 2005. Read the full story here.
Underwater home mortgages: Center for NYC Neighborhoods
A disproportionate number of black homeowners in southeast Queens owe more on their mortgages than their property is worth. Black homeowners in the Bronx are also more likely to have underwater mortgages. See the full map here.