NYC Home Inventory For Sale Shrinks

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NEW YORK — A shortage of inventory available for sale presents a challenge for Manhattan and Brooklyn home shoppers this summer, especially in areas where lower-priced homes are concentrated, according to StreetEasy and its April 2017 Market Report. Resale prices in Brooklyn and Manhattan hit record highs in April.

“Ongoing job growth and more confidence among first-time buyers has boosted demand for homes, particularly in more affordable areas of the city,” said StreetEasy Senior Economist Grant Long. “Echoing a nationwide trend, low inventory in Manhattan and Brooklyn will continue as the New York City economy remains strong, and will likely push prices higher heading into the summer.”

“For renters, this summer will be one of the most favorable shopping environments that we’ve seen in years,” said Long. “Increased demand in the summer months will put some upward pressure on rents, but landlords will likely continue to offer concessions, particularly in areas with large amounts of new units, such as Downtown Brooklyn and the Financial District.”

April 2017 Key Findings – Manhattan

  • Manhattan resale prices hit another record high. The Manhattan median resale price increased 1.3 percent year-over-year to $993,592.
  • As prices rose, inventory declined. There were 11 percent fewer homes for sale in Manhattan than in April 2016.
  • Lower-priced inventory fell the most in Manhattan. Sales inventory fell the most in Upper Manhattan, the least expensive Manhattan submarket, with 25 percent less homes on the market than last year.
  • Manhattan rent prices continue to decline. Manhattan’s median rent price decreased 1.1 percent to $3,232 compared to last year and has dropped steadily since last fall.

April 2017 Key Findings – Brooklyn

  • Brooklyn resale prices hit another record high. The median resale price continued to increase, rising 6.3 percent year-over-year to $584,121.
  • Prices rose the most in more affordable submarkets. In South Brooklyn, the median resale price rose 9 percent to $441,570. In East Brooklyn, the median resale price rose 5.5 percent to $480,366.
  • Prospect Park and Northwest Brooklyn buyers had the fewest homes to choose from. There were 24 percent fewer homes for sale in both submarkets relative to April 2016.
  • Brooklyn rents declined for eighth consecutive months. Brooklyn’s median rent price fell 3.7 percent year-over-year to $2,785.

The complete StreetEasy Market Reports for Manhattan and Brooklyn with additional analysis, neighborhood data and graphics can be viewed at streeteasy.com/blog/market-reports.

Region

April 2017
StreetEasy
Price Index

Year-
over-Year

Change

Year-over-
Year Sales

Inventory

Change

April 2017
StreetEasy
Rent Index

Year-
over-Year

Change

Manhattan

$993,592

1.3%

-11.0%

$3,232

-1.1%

Downtown

$1,239,526

1.7%

-11.9%

$3,710

-0.2%

Midtown

$851,604

-0.3%

-6.5%

$3,258

-3.3%

Upper East Side

$984,127

1.1%

-7.6%

$2,744

-0.1%

Upper Manhattan

$633,959

2.2%

-24.9%

$2,402

2.7%

Upper West Side

$1,082,752

1.3%

-14.7%

$3,113

-1.1%

Brooklyn

$584,121

6.3%

-9.8%

$2,785

-3.7%

East Brooklyn

$480,366

5.5%

-15.7%

$2,450

-0.5%

North Brooklyn

$889,677

-1.2%

1.4%

$2,937

-6.6%

Northwest Brooklyn

$858,230

2.6%

-24.3%

$3,047

-2.3%

Prospect Park

$801,514

4.2%

-24.5%

$2,703

-2.0%

South Brooklyn

$441,570

9.0%

3.0%

$1,567

-10.3%