Welcome to my market update for March 2019.
In this month's update you can find research on New Developments, Open House Activity, Sales Prices for Apartments and Townhomes, and Absorption Rates for Manhattan. I’ve also included links to articles I thought you might find interesting. Additionally, please see the link for my new website immediately below. Check it out and let me know what you think!
Enjoy and please let me know if you have questions or if I can help with any real estate needs.
All the Best,
Halstead Property, LLC
Check it out for market updates, research, property searches and more...
The Real Estate Industry is Pushing Back Against a Pied-a-Terre Tax in NYC
Open House and Price Update for Brooklyn and Manhattan
The trend in Open House activity continues to be strong relative to Q4 2018. The most recent week’s activity (Sunday 3/10) dropped from the prior week. The drop is most likely due to weather that day. Average OH attendance continues to be higher in Brooklyn than in Manhattan, while Manhattan continues to host more OH. In Brooklyn, average OH attendance was 4.1, dropping from 6.5 the week before. In Manhattan, average OH attendance was 3.3, dropping from 4.1 the week before.
The Ultimate Guide to Hudson Yards
Transform or Tear Down? The BQE Reconstruction, Explained
February Absorption Report - Manhattan
In our February report for Manhattan, we show the absorption rate for apartments across property type and neighborhood. The Absorption Rate represents the number of months it takes to clear inventory and is a useful measure of supply/demand dynamics. The rate is equal to the number months it would take to sell all active listings in a given market. It is calculated by dividing the number of listings by the average number of closings over the prior 6 months. Historically, an absorption rate between 6-9 months indicates a balanced market.
In February, the rate rose to 7.7 months, from 6.3 months the prior month and 5.6 in February of 2018. The absorption rate was 9.3 months for condominiums, and 6.5 months for cooperatives. The Northern Manhattan rate of 6.2 months was Manhattan’s lowest, followed by the West Side’s rate of 6.5. Absorption rates were generally lower for Coops (4.5) than for Condominiums (7.0). Additionally, rates were generally higher for larger apartments than for smaller ones.
Second Half 2018 - Market Report - Manhattan Townhouses