Current Market Trends in New York City Residential Real Estate
2016 was a turbulent year with dramatic political and economic shifts across the globe. For New York City real estate, last year was (thankfully) less erratic, though the market did see ups and downs. As we look back on the past 12 months, several trends and developments stand out. Here are our top ten takeaways from 2016’s residential real estate market.
12 CITIES REPORT
Savills Residential Research is a dedicated team with an unrivaled reputation for producing well-informed and accurate analyses, forecasts, and commentary on all sectors of the global housing market. Its experts advise political parties, government forums, and businesses. Savills also offers a range of bespoke solutions to clients looking to invest in new housing opportunities or maximize existing property assets.
Manhattan & Brooklyn Quarterly Market Report
Manhattan in Third Quarter 2016 was marked by a fall in sales volume, higher prices, increasing inventory and a rise in the average days on market. Resale inventory continued to increase, along with the average negotiability of the borough. Brooklyn in Third Quarter 2016 remained a competitive market evidenced by increases in average and median prices year-over-year, relatively low inventory, and strong velocity.
Luxury Cooperative Report First Half 2016
Stribling Private Brokerage is Stribling & Associates’ marketing division for properties valued in excess of $5m. It provides services on the level of “private banking” and intensive, customized marketing for luxury properties and discerning clients. Our programs may be designed to be as discreet or aggressive as the client desires. As the exclusive New York Associate of Savills LLC of London, we have the benefit of global marketing through their 500 offices in 48 countries worldwide.
Market in Minutes, New York Prime Residential Markets
Commissioned specifically by Stribling, the "New York Market in Minutes" is a new Savills Report on the New York market. Stribling's data team worked hand in hand with Savills' researchers to produce this report, which is purposely not one of the ubiquitous “quarterly analyses”, but rather a more global approach with some very interesting observations.
Manhattan & Brooklyn 2016 Semi-Annual Market Report
Twice a year, we release a Semi-Annual Market Report, which provides an assessment of the Manhattan and Brooklyn residential real estate markets, reveals in-depth insights, and identifies trends in the midst of a rapidly changing industry and ecosystem. With a comprehensive introduction written by Elizabeth Ann Stribling-Kivlan, the Semi-Annual report aims to bring context to New York's real estate market data by placing market movements within the context of the national and global political and financial landscape.
Manhattan in Second Quarter 2016 once again witnessed year-over-year price appreciation in average and median prices, despite a drop in closed sales. Resale inventory finally increased, helping to relieve upward pressure on prices and an unusually rapid market pace. Brooklyn in Second Quarter 2016 remained an in-demand and competitive market evidenced by increases in average and median prices year-over-year, low inventory, and minimal negotiability.
STATE OF THE MARKET REPORT
Twice a year, we release a State of the Market report, which provides an assessment of the New York real estate market and identifies emerging trends, neighborhoods, and more. This report is compiled by Stribling president Elizabeth Stribling in an easy-to-read Q&A format. It aims to demystify the current market trends, look at how technology and social media are impacting the industry, offer realistic rationales on pricing and value, compare year-to-year trends and, most important, offer insight on the coming challenges and opportunities.
Stribling State of the Market reports serve as invaluable tools for both our brokerage team and the clients we serve.
STRIBLING LUXURY RESIDENTIAL REPORT
The unique nature and limited number of properties in the $5 million-plus category dictate a different approach from the statistic-ridden reports typically written about the overall residential market. In this Stribling report, we analyze our highly refined database, including purely private sales, and convey the information in clear language that is easy to understand. But a buyer or seller must beware of relying on reported statistics, except as a very broad guideline. While many of the numbers are statistically significant, the singular quality of most luxury properties means they cannot and should not be treated only as commodities.