New York Housing Trends Through November 2015
The New York City Residential sector has seen a lot of changes and a high increase in generated revenue. The total dollar volume has reached 1.7 billion dollars in September.
There is a number of trends that highlight November 2015. The Manhattan area has seen a 4.1 supply of apartments available for lease at the start of November. This is 5% lower compared to last year. On a similar note, an increase in closings has called for a sharp decrease in sales for the Midtown East and West areas.
During the course of 3.1 months West Side had the smallest purchase rate with upper Manhattan similarly sitting at 3.2 months. The listings is described as the number of active apartments available on the lot for rent or purchase. Absorption rate is a prediction of how long it would take to sell all of the active listings. Typically a healthy absorption rate is described as 6-9 months.
The absorption rates could be described as a roller coaster ride. There is a lot of ups and downs with no real correlation. The rate from November 2014 up until November 2015 has stayed between 4.1 and 5.1. At least that is a consistent range. All we can say is that the housing market is unpredictable. There is no real way to predict how the market will do at any given time.
In other news there is still 550 housing units available for purchase through November 2015. That means that roughly half of the new units have been sold so far. The average price of studio housing units sits at about $696,000. The pipeline in Brooklyn states that nearly 1400 units are now accepting offering plans. Supply has increased for rentals.
Town Residential is currently the biggest NYC Apartments for rent service. Andrew Heiberger started the company and is the CEO of operations. The company specializes in luxury residential sales, leasing terms, marketing trends, and more. The top class service has established Town Residential as an excellent partner in the industry.
The center of the firm is filled with a team of highly competitive and knowledgeable representatives. The winning methods have established this company has very valuable. They are described as one of the best firms to work with and one of the top fifty destinations to work for in the New York area. The leaders of the industry provide an unexceptional level of service to all clients.