Manhattan investment sales drops to lowest level since 2010
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According to this week’s market reports, Manhattan’s investment sales market dropped to its lowest level since 2010 and Brooklyn home prices rose by two percent in the fourth quarter.
Manhattan Rental Report | MNS
Rental prices in Manhattan remained flat on a month-to-month basis, dropping by 0.1 percent in December to $3,915. The biggest bargains are non-doorman studios in Tribeca (down 12.1 percent to $3,748) and two-bedroom doorman units in Harlem (down 9.1 percent to $4,300). In spite of a 3.3 percent price drop in December, Harlem was one of the best performing neighborhoods in 2017. For the year, the area posted an 8.71 percent increase in rental rates, driven by heightened new development activity. Read the report here.
Sales | Stribling
The median sales price for Brooklyn homes rose by two percent in the fourth quarter, buoyed by increases in the eastern and southern sections of the borough. During the period, the median price in East Brooklyn jumped by nine percent to $723,000. South Brooklyn, meanwhile, posted a four percent hike to $632,000. The number of recorded sales rose by four percent to 2,532, with houses and townhouses accounting for 51 percent of all deals.
Sales | TOWN Residential
The Brooklyn condo market registered 618 deals in the fourth quarter, down from the 760 transactions during the previous quarter. This coincided with a drop in value for the segment, with the median sales price dropping 7.5 percent to $809,000. Read the full report here.
Sales | Ideal Properties
The average sales price in Brownstone Brooklyn (Boerum Hill, Brooklyn Heights, Caroll Gardens, Clinton Hill, Cobble Hill, etc.) and North Brooklyn (Williamsburg, the Navy Yard and Greenpoint) rose by 3.4 percent year-over-year to $1.5 million during the fourth quarter. Townhouses proved to be the best performing segment, with prices jumping 13.6 percent to $2.87 million. Condos, meanwhile, increased by 3.1 percent to $1.56 million, marking the 17th straight quarter in which prices stood above $1 million.
4Q Manhattan Market Overview | Avison Young
Manhattan’s fourth quarter was its strongest of the year in terms of investment sales dollar volume and number of transactions. During the period, the borough saw $6.5 billion in sales across 78 transactions. This minimized a slowdown witnessed during most of2017. The total volume and number of transactions in the first three quarters of 2017 ranked as the lowest three quarters in the last five years. For the whole of 2017, Manhattan’s investment sales market recorded $18.2 billion and 260 transactions, the lowest since 2010. Read the report here.