New York City Real Estate Trends for 2015 Predict Larger Inventory

Since 2001, Susanne Lieu has served as managing director for New York City-based real estate and property management firm Ruben Companies. Prior to this position, Susanne Lieu worked as an associate in the real estate department for Shearman & Sterling, LLP, also in New York City, and for Mayer Brown in Chicago, Illinois. To be successful in the real estate market, those in her position pay attention to real estate news and trends pertaining to the New York City area.

StreetEasy, a New York City property listing website, provides predictions for the real estate market for 2015. It looked closely at the trends in the market for 2014, which included low supply, high demand, and expensive rent, and analyzed sales and rental data across the city. It found that Manhattan condo prices will slow and buyers will move away from Manhattan and toward Queens or Brooklyn.

According to StreetEasy’s Condo Price Forecast, condo price growth in Manhattan will slow to less than four percent. This is about half the rate of 2014. The decrease is due to steady growth, since in 2014, buyers saw low inventory and higher prices. Additionally, inventory for homes in Manhattan may increase at the slowest rate of the five boroughs. However, Brooklyn and Queens should see a sizeable increase in available homes, with an 8.6 and 8.5 percent increase in inventory in 2014, respectively; the website predicts these numbers will carry over into 2015.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s