NY Times Market Infomation

NY Times Market Infomation

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Dear Valued Clients and Friends,
We take providing the most relevant and up-to-date information to our clients very seriously.

PLEASE NOTE:  As of October 1, 2017, NYTIMES.com will have 100% of the REBNY sales and rental inventory available to browse.

This is the only online source to find the most complete data when doing a home search.

Out of choice, Streeteasy no longer has all the listing and rental data for NYC.

Thank you,

The Kristin Hurd Team

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Change In Market

Change In Market

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Dear Valued Clients and Friends,

You read our emails and newsletters because we stay ahead of the curve and work hard to provide our clients with the best information regarding the New York City Real Estate Market!
 
We would like you to know that with the ever growing and changing options on the Internet, we have found there are better choices these days to marketing your home than the outdated platforms of Zillow and Streeteasy.
 
We can say this with confidence because the Real Estate Board of New York recently created a central information system, which functions much like an MLS, called the RLS.  This system was made to improve the overall experience for the consumer by ensuring up to date listing and transaction information is being fed to the various Real Estate research sites.
 
Unfortunately both Zillow and Trulia, as well as Streeteasy, have chosen not to take a syndicated feed that gives them the most up to date and accurate information, which most likely leaves consumers with poor quality information.  We believe this is not in the best interest of the consumer.
 
We are pleased to show you some of the Real Estate search sites that are happily accepting this feed and in turn, giving us better options for our consumers in both ease of use and accurate listings data.

For Sales & Rentals:
 
http://www.nytimes.com
 
http://www.realtor.com
 
http://www.homes.com
 

For Rentals Only:
 
https://www.renthop.com
 
https://www.apartments.com
 
https://www.zumper.com/

Over the coming weeks we will be featuring sites with better information and easier use.  We look forward to educating you, the consumer, who we believe is the most important person in the process of buying or selling your home.

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Q2 Market Report July 2017

Q2 Market Report July 2017

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Confidence or Confusion?

What have we seen since November 2016 and where are we going?

As the luxury market rebounded from a sluggish 2016, we saw the average and median apartment prices increase in the second quarter.

  • Closings over $5 million were 41% higher than a year ago, as the pent-up demand for these apartments was released after the presidential election
  • The market saw 23% more sales than in 2016’s second quarter, with 2,601 reported closings
  • The average apartment price of $2,179,172 was 6% higher than a year ago
  • The median price rose 10% to $1,205,000.
  • Resale apartments showed the strongest growth, as their average price rose to $1,686,224, which is a 9% improvement from the first quarter of 2017
  • While down from the previous quarter, the average new development price remained above $4 million for the fourth straight quarter

The luxury market stalled in 2016, as buyers were held back by the uncertainty of Brexit and the U.S. presidential election. But after the election in November, buyers returned to the market, leading to a sharp pickup in closings in the second quarter. 

However, since the current administration has taken office, it appears confidence has dropped, and the temporary bump has now leveled off as recent contract signed activity has slowed in response to increased global turmoil.

It is unknown how the global turmoil will effect sales in a highly international city such as New York.  The next six months should be watched closely.
 

The full version of the report can be found here.

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Q1 Market Report 2017

Q1 Market Report 2017

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Is market confidence back?
or
Is this a temporary push before interest rates go up? 

After slowing dramatically leading up to the presidential election, the Manhattan apartment market has started to pick up momentum. With much of the uncertainty now gone and sellers adjusting to the realities of the market, first-quarter market data was better than expected. It is also possible that the expected rise of interest rates over the next few quarters is adding fuel to buyers pulling the trigger.

The Manhattan apartment market rebounded in the first quarter, as both prices and the number of sales rose for resale apartments compared to a year ago. 

  • The average resale price rose 5% to $1,561,911—its highest level since the second quarter of 2015.
  • The resale median price set a new record, which at $955,000 was 3% higher than 2016’s first quarter. 
  • There were 1,795 resale closings reported in the first quarter, which was 5% more than a year ago.
  • Including new developments, the average price for all apartments reached a new record of $2,174,105
  • The median price for all apartments of $1,150,000 was also a record, and 8%higher than in the prior quarter. 
  • A 17% decline in new development closings brought the number of sales for all types of apartments down 1% from the first quarter of 2016. While the data shows a decline in new development closings, many of the deals are signed months or years in advance, so they are not always indicative of current market conditions.

The full version of the report can be found here.

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Q4 Market Report 2016

Q4 Market Report 2016

The Illusion of rising prices in Manhattan

The overall average Manhattan apartment price seemingly appears to have hit a new record in the fourth quarter. A closer look, coupled with upward ticking interest rates, may tell a different story.

  • At $2,110,556, the average price was 9% higher than a year ago and just above the previous record set in the first quarter of 2016.

However:

  • New development closings that were signed over one year ago played a role in the overall numbers.
  • Nine of the top 10 sales in the fourth quarter were new development and sold for an average of $4,709,602.
  • This was a new record, and was 51% higher than the fourth quarter of 2015.
  • When we drill down to the rest of the market, the number of sales was 13% lower than a year ago, with 39% fewer new development closings and 4% fewer resales.

Resale Reality:

  • The resale average price of $1,512,074 was 1% lower than a year ago, while the median price rose 2% to $920,000.
  • Looking at just resales, we see a market where the average price has been drifting lower for the past few quarters.
  • Resale listings spent 10% longer on the market than in the fourth quarter of 2015, and apartments are selling at the lowest selling-to-asking price ratio in more than three years.

Final Thought:

Buyer hesitancy and seller overpricing have led to sharp rises in inventory, particularly for larger apartments, which increases the need for price adjustments for many listings.

Sellers need to pay attention to the rising inventory and interest rates when pricing. 

The full version of this report can be found here.

 

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Thoughts On 2016 Presidential Election

Thoughts On 2016 Presidential Election

An Economic Outlook on the Election

To Our Loyal Readers, Clients and Friends,

Given the results of the presidential election, we would like to share with you our opinion solely based on what we know about the marketplace.  This is meant to be a balanced opinion of the potential impact of the election on the real estate market.

Comparable to the Brexit vote, the result of the election was unexpected, which causes uncertainty and fear. 
Some people will put off major purchases and investments, as they have strong opinions about what this means for the future. 
While no one can predict the future with certainty, we can look at what we know today:

  • The residential market, particularly the high-end, started slowing long before the election took place.

  • Economic growth remains steady in both NYC and the US.

  • Interest rates are still near historic lows.

  • There is no reason to expect these factors will change solely due to the election results.

We hope that over the next few weeks the anxiety will calm down as we return to the market we had before the election.

Source: Gregory Heym, Chief Economists Brown Harris Stevens