Expert Advice| 权威建议

Manhattan and Brooklyn Real Estate Update

May 22, 2013 8:07 pm | By Mary Latimer-Chung

MANHATTAN SALES MARKET

The Manhattan housing market is experiencing a shortage of inventory. Indeed, the inventory has been falling for several years and now is the lowest in 12 years. The inventory decline is approximately 35% from the prior year. Despite the decline in inventory, sales activity has increased and prices have posted year-over-year gains. The median sales price rose 5.9% to $820,555 compared with last year, according to Miller Samuel Inc. The amount of time it takes to sell an apartment decreased 20 days to 132 days and the listing discount also decreased from 6.3% to 4.3%, according to Miller Samuel Inc.

 

The average sales price for a coop is now $1,051,682 and the average price per sq. ft. is $925 while the average price for a condo is now $1,822,570 and the average price per sq. ft. is $1,377, according to Miller Samuel Inc. The average price for a one bedroom coop is $550,000 and a one bedroom condo is $825,000. On average, a two bedroom coop is $997,000 and a two bedroom condo is $1,580,587 while a three bedroom coop is $2,160,000 and a three bedroom condo is $3,064,877.

 

In the luxury market, which represents the top 10% of sales, the average price is $5,076,228 or $1,925 per sq. ft. For new development condos, the average price is $1,918,384 or $1,322 per sq. ft. which is a 5.5% increase from last year. The sponsors of new developments continue to build larger units than in prior years to fill demand.

 

MANHATTAN RENTAL MARKET

In 2013, rental prices increased 6.5% from last year, according to Miller Samuel Inc. There are few if any landlord concessions offered for new leases or lease renewals. The east side vacancy rate is 1.04% and the vacancy rate on the west side is 2.22% and the downtown vacancy rate is 1.47%, according to Miller Samuel Inc.

 

The average monthly rental price is $3,815 or $51.15 per sq. ft. per annum. The average east side one bedroom rental is $3,009 per month or $48.72 per sq. ft. The average east side two bedroom rental is $4,889 per month or $48.12 per sq. ft. The average west side one bedroom rental is $3,324 per month or $56.38 per sq. ft. The average west side two bedroom rental is $4,566 per month or $47.67 per sq. ft. The average downtown one bedroom rental is $3,655 per month or $55.33 per sq. ft. The average downtown two bedroom rental is $5,683 per month or $55.77 per sq. ft.

 

BROOKLYN RENTAL MARKET

Rental rate increases have been slowing recently after large increases earlier in 2013 and 2012. The average rental price is $3,017 per month or $40.31 per sq. ft. per annum. A one bedroom rental is $2,532 per month or $40.55 per sq. ft. A two bedroom rental is $3,378 per month or $39.87 per sq. ft. A three bedroom rental is $4,681 per month or $38.10 per sq. ft.

 

For more information please contact:

Harry Chung

DOUGLAS ELLIMAN, 575 Madison Avenue, Fifth Floor, NY, NY 10022

Office +1 212.303.5236 / Fax +1 646.497.3276 / Cell +1 917.287.5975

harry.chung@elliman.com

http://www.elliman.com/real-estate-agent/harry-chung/4555

 

Mary H. Latimer-Chung

DOUGLAS ELLIMAN, 575 Madison Avenue, Fifth Floor, NY, NY 10022

Office +1 212.891.7753 / Fax +1 646.497.5426 / Cell +1 917.912.4505

mchung@elliman.com