NEW YORK, Nov. 23, 2015 /PRNewswire/ --
Key facts – October
2015:
- Resale prices in the Upper Manhattan submarket increased 20.4
percent year-over-year, more than triple the Manhattan pace and the largest annual increase
across Manhattan and Brooklyn.
- Resale prices in the East Brooklyn submarket increased 19.1
percent compared to last October, double the Brooklyn pace.
- New this month, the StreetEasy Rent Indices measure median
rents across Manhattan and
Brooklyn. In October, Manhattan median rents increased 5.6 percent
year-over-year to $3,158. In
comparison, Brooklyn median rents
rose 3.2 percent year-over-year to $2,672.
- Rent growth in East Brooklyn was the highest across both
boroughs in October, rising 7.9 percent year-over-year to
$2,573.
Manhattan and Brooklyn resale prices continued their
record-high setting streak in October. The Manhattan median resale price increased 6.4
percent from last year to $985,144,
while the Brooklyn median resale
price increased 10 percent to $548,290, according to the StreetEasy Price
Indicesi.
The submarkets of Upper Manhattan and East Brooklyn saw the
fastest increase in prices. Sale prices in Upper Manhattan
increased 20 percent, three times the rate of prices in
Manhattan, while East Brooklyn saw
prices grow twice as fast (19 percent) compared to the Brooklyn borough as a whole.
"Upper Manhattan and East Brooklyn are having a moment, and
affordability is the primary driver," said StreetEasy data
scientist Alan Lightfeldt. "With the median prices in Manhattan just shy of the $1 million mark, value has taken on even greater
importance to New York homebuyers.
They're taking their search to the neighborhoods that offer more
options at a relative deal. As long as price growth continues
unabated in the premier areas of Manhattan and Brooklyn, Upper Manhattan and East Brooklyn
will attract even more buyers."
Rents in Upper Manhattan and East Brooklyn also outpaced rents
in their respective boroughs, according to the new StreetEasy Rent
Indicesii. Manhattan
median rent rose 5.6 percent from last year to $3,158, while Upper Manhattan median rent
increased 7.7 percent to $2,333. Rent
growth in Brooklyn was slower by
comparison, rising 3.2 percent from last year to a median of
$2,672. Annual rent growth in East
Brooklyn led both boroughs in October, rising 7.9 percent to
$2,573.
Manhattan and Brooklyn sales markets remained just as
competitive as last year due to inventory constraints. In
Manhattan, homes that sold in
October spent a median time of 45 days on the market, one day
shorter than last year, and the median sale-to-list price ratio
rose to 100 percent, meaning home sellers could expect to receive
their full asking price in October. Among Manhattan's most competitive neighborhoods was
Chelsea, where homes that sold in October typically spent 42 days
on the market and sold for 1.5 percent above the seller's initial
asking price.
In Brooklyn, homes that sold in
October spent a median time of 42 days on the market, unchanged
from last year. The median sale-to-list price ratio rose 0.7
percent from last year to 99 percent, meaning homes typically sold
for 1 percent less than their initial asking price. Among the most
competitive neighborhoods was Park Slope, where homes that sold in
October spent a median of just 34 days on the market – the shortest
time among all Manhattan and
Brooklyn neighborhoods – and sold
for 1 percent below the seller's initial asking price.
Looking ahead, resale prices in Manhattan are expected to increase by 0.6
percent to $991,486 over the next
month, according to the StreetEasy Manhattan Price Forecast. In
Brooklyn, prices are expected to
increase 1.3 percent to $555,656 over
the next month, according to the StreetEasy Brooklyn Price
Forecastiii.
Submarket
Name
|
October
2015
StreetEasy
Price
Indexi
|
Year-over-Year
Change
|
October
2015
StreetEasy
Rent
Indexii
|
Year-over-Year
Change
|
Manhattan
|
$985,144
|
6.4%
|
$3,158
|
5.6%
|
Downtown
|
$1,233,034
|
7.0%
|
$3,674
|
5.3%
|
Midtown
|
$841,692
|
3.6%
|
$3,359
|
5.1%
|
Upper West
Side
|
$1,097,726
|
9.6%
|
$3,198
|
6.0%
|
Upper East
Side
|
$956,485
|
2.3%
|
$2,763
|
6.7%
|
Upper
Manhattan
|
$658,196
|
20.4%
|
$2,333
|
7.7%
|
Brooklyn
|
$548,290
|
10.0%
|
$2,672
|
3.2%
|
North
Brooklyn
|
$872,356
|
3.4%
|
$3,168
|
4.1%
|
Northwest
Brooklyn
|
$862,755
|
12.2%
|
$3,021
|
3.7%
|
Prospect
Park
|
$801,964
|
9.8%
|
$2,897
|
3.2%
|
South
Brooklyn
|
$397,153
|
9.8%
|
$1,721
|
4.1%
|
East
Brooklyn
|
$441,033
|
19.1%
|
$2,573
|
7.9%
|
The complete StreetEasy Market Reportsiv with
additional analysis and neighborhood data for Manhattan and Brooklyn can be viewed at
streeteasy.com/blog/market-reports.
About StreetEasy:
StreetEasy is New York City's leading local real estate
marketplace on mobile and the Web, providing accurate and
comprehensive for-sale and for-rent listings from hundreds of real
estate brokerages throughout New York
City and the major NYC
metropolitan area. StreetEasy adds layers of proprietary data and
useful search tools to help home shoppers and real estate
professionals navigate the complex real estate markets within the
five boroughs of New York City, as
well as Northern New Jersey and
the Hamptons.
Launched in 2006, StreetEasy is based in Manhattan's Flatiron neighborhood. StreetEasy
is owned and operated by Zillow Group (NASDAQ: Z).
StreetEasy is a registered trademark of Zillow, Inc.
i The StreetEasy Price Indices, or the Manhattan
Price Index and Brooklyn Price Index, are monthly indices that
track changes in resale prices of condo, co-op, and townhouse
units. Each index uses a repeat-sales method of comparing the sales
prices of the same properties since January
1995 in Manhattan and
January 2004 in Brooklyn. Given this methodology, each Index
accurately captures the change in home prices by controlling for
the varying composition of homes sold in a given month. Data on
sales of homes is sourced from the New York City Department of
Finance. Full methodology here:
http://streeteasy.com/blog/methodology-streeteasy-price-indices/
ii The StreetEasy Rent Indices, or the Manhattan Rent
Index and the Brooklyn Rent Index, are monthly indices that track
changes in median rents of condo, co-op and townhouse units. Each
index uses a repeat-sales methodology using rentals listings on
StreetEasy, comparing the rent price of the same properties across
several years. Full methodology here:
http://streeteasy.com/blog/methodology-streeteasy-rent-indices/
iii The Manhattan Price Forecast and the Brooklyn Price
Forecast predict the change in resale prices one month out from the
current reported period. Each forecast incorporates the Price Index
for each borough, StreetEasy's comprehensive database of listing
prices and days on market - two leading indicators to future resale
prices to accurately forecast what next month's resale prices will
be before the release of publicly recorded sales data.
iv The StreetEasy Market Reports are a monthly overview
of the Manhattan and Brooklyn sales and rental
markets. Every three months, a quarterly analysis is published. The
report data is aggregated from public recorded sales and listings
data from real estate brokerages that provide comprehensive
coverage of Manhattan and Brooklyn, with most metrics
dating back to 1995 in Manhattan and 2004
in Brooklyn. The reports are compiled by the StreetEasy
Research team. StreetEasy tracks data for all five boroughs
within New York City, but currently only produces reports
for Manhattan and Brooklyn. For more information,
visit http://streeteasy.com/blog/market-reports/.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/upper-manhattan-sales-prices-growing-three-times-faster-than-manhattan-300182876.html
SOURCE StreetEasy