PropertyShark Report for 2nd Quarter Shows TriBeca Remain As NYC's Most Priciest Neighborhood, Queens Has 2 Neighborhoods Hit $1 Million Dollar Mark

PropertyShark, an online resource provide in-depth data information for over 90 million properties nationwide produced their 2nd quarter of 2018 report of the 50 most priciest neighborhoods in New York City.  The report indicates that although there was a 26% year over year drop, Tribeca remained as the most priciest neighborhood in New York City.  Also around the city, Queens saw two neighborhoods hit the #1 million dollar mark and Homecrest in Brooklyn saw the most significant change in the median price change in the top 50 most priciest neighborhoods.  Manhattan had 9 out of the top 10 priciest neighborhoods throughout New York City.

In Manhattan, Tribeca is overwhelmingly the priciest neighborhood in the city with median sales prices for the quarter at $3,812,500.  As states prices dropped 26% year over year with a total of 62 transactions for the quarter.  SoHo remained at #2 with pricing at $2,925,00 which was an increase of 17% with 27 transactions.  The highest quantity of transactions in the top 50 were also in Manhattan.  The Upper East Side is tops on the list with 600 transactions followed by the Upper West Side with 579.

In Brooklyn there are two significant takeaways from the report.  The first is DUMBO is the most priciest neighborhood in all of Brooklyn and #3 overall in the city.  DUMBO saw prices increase 37% to a median sales price of $2,512,500.  There were 16 transactions overall in the neighborhood.  The second significant takeaway was in Homecrest Brooklyn.  For those unfamiliar, Homecrest is a neighborhood in Sheepshead Bay.  The borders are Kings Highway to the north, Avenue X to the south, Coney Island Avenue to the west, and Ocean Avenue to the east. Homecrest, the #45 most priciest neighborhood saw an overall increase of 80% to a price of $725,000 on 25 transactions.

Queens saw 2 neighborhoods hit the $1 million dollar mark.  Belle Harbor became the #16 most priciest neighborhood.  Belle Harbor saw an increase in price of 40% with median prices at $1,180,000 on 5 transactions.  Hunters Point came in at #25 on 49 transactions and a median price of $1,000,000.  Other significant neighborhoods coming in the top 50 in Queens were #34 tie East Flushing ($880,000.00), #34 tie ($880,000.00), #37 Auburndale ($856,500.00) and #38 Hollis Hills ($850,000.00).

Blue Harbour Property Management is a full service NYC property management company servicing the boroughs of Queens, Brooklyn, Manhattan and the Bronx.  Whether it be a 1 bedroom condo or multi-family building we are able to assist our clients maximize their investments.

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Existing-Home Sales Gain In The Northeast As Trend Nationwide Continues to Decline

The National Association of Realtors (NAR) released their existing-home sales report for June.  The report indicates that existing-home sales decreased for the third straight month in June.  Although there were sales gains in both the Northeast and Midwest, lagging sales in the West and South resulted in overall decrease in existing-home sales by 0.6%.

Existing-home sales which is defined by the NAR as completed transactions which includes single-family homes, townhomes, condominiums and co-ops decreased to an adjusted annual rate of 5.38 million in June from revised 5.41 million in May. Sales are now down 2.2% overall year over year.

One of the major factors that has been hurting the market is the ongoing dearth supply of available homes in relation to demand.   Lawrence Yun, chief economist for NAR stated  “There continues to be a mismatch since the spring between the growing level of homebuyer demand in most of the country in relation to the actual pace of home sales, which are declining.  The root cause is without a doubt the severe housing shortage that is not releasing its grip on the nation’s housing market. What is for sale in most areas is going under contract very fast and in many cases, has multiple offers. This dynamic is keeping home price growth elevated, pricing out would-be buyers and ultimately slowing sales.”

Median sales prices once again hit an all-time high June at $276,900.  This amount is an increase from June 2017 of 5.2% ($263,300).  This is the 76th straight month of an increase of existing-home sales prices.  Housing inventory increased 4.3% to 1.95 million existing homes available which is 0.5 percent above a year ago.  Yun warned that despite this increase in inventory, the demand any growth.  Yun states  “It’s important to note that despite the modest year-over-year rise in inventory, the current level is far from what’s needed to satisfy demand levels.  Furthermore, it remains to be seen if this modest increase will stick, given the fact that the robust economy is bringing more interested buyers into the market, and new home construction is failing to keep up.”

Regionally, here in the Northeast we saw a moderate gain.  Existing-home sales increased 5.9% to an annual rate of 720,000.  The median price in the Northeast was $305,900.  This is up 3.3% from June 2017.  The Midwest saw gains of 0.8% while the West -2.6% and South -2.2% saw declines.

Blue Harbour Property Management is a full service NYC property management company servicing the boroughs of Queens, Brooklyn, Manhattan and the Bronx.  Whether it be a 1 bedroom condo or multi-family building we are able to assist our clients maximize their investments.

http://www.blueharbourpropertymanagement.com/existing-home-sales-gain-in-the-northeast-as-trend-nationwide-continues-to-decline/