Inventory is low all over town, folks, which is leading to some pretty interesting figures when it comes to first-quarter sales in new developments. Because there just aren't a lot of new apartments coming to market, in Brooklyn new development sales inventory was down a whopping 98% from the fourth quarter of 2012, according to the latest reports from brokerage MNS. A lack of supply also means that prices per square foot for new developments were up 8% all over the borough since the last quarter?plus, median prices also rose in that timespan, jumping 21% in DoBro alone, for example, which was primarily the result of the BellTel Lofts. Dumbo had the highest median sales price, though, the only neighborhood in Brooklyn to top $1 million in Q1.
At least compared with Brooklyn, the isle of Manhattan saw more apartments in new developments come to market?but not enough to post an increase. In Q1, new development sales volume totaled $340 million, but that's a 58% decrease from last quarter. But when compared with a year ago, the median price for new development units has climbed by 20%. Of particular note, over the last two years Soho's median sales price for new developments more than doubled to a total of $3.8 million, trumping all other neighborhoods in the borough. Take that, Upper West Side, you runner-up you! Tribeca's price per square foot also bounced up by 12% from Q4 2012. Fewer apartments mean higher prices?we know the drill by now, right? Click through for more stats and charts.
· Manhattan New Development Report [MNS]
· Brooklyn New Development Report [MNS]
· Rental Market Report coverage [Curbed]