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Market Trends: What to look for in 2016

Falling numbers

The start of a new year, January is a great time to look at your world by the numbers. Many of us set new goals for ourselves, which are best reached when measurable. If your agenda for 2016 includes keeping track of your current real estate investments, or finding a new one, read on to catch up on how we ended 2015, and what to watch for in 2016. As always, if you have specific questions you may reach me at julia.boland@corcoran.com

  What happened at the end of 2015?

  • Inventory is still in short supply with 4.1 months of supply, making it a seller’s market. (Six months’ supply is considered balanced.)
  • The average time an appropriately priced property was on the market was approximately three months.
  • The average price/square foot in Manhattan is $1,736, up 5.6% from last year.

 

  What to watch for in 2016

  • Bifurcation of markets: Don’t be surprised if you start reading about high priced inventory in the $10 million and above range taking price cuts, while well priced units under $3 million go into bidding wars.
    Global luxury resi markets feeling macro uncertainty
  • The reinvention of the Upper East Side. A number of new developments are coming to the market, bringing cutting edge design to a neighborhood previously dominated by stodgier pre-war coops. Some of my favorites so far include 180 East 88th Street, 389 East 89th Street, and Citizen 360 at 360 East 89th
    The Old Upper East Side’s New Development Boom, Mapped
  • Upper Carnegie Hill becoming a real thing. New developments planned between 96th – 110th St., East of Fifth Avenue are creating exciting new options for those priced out of adjacent locations. The 103rd St. subway station is being revitalized, and there are a number of enticing low-key dining options along Lexington Ave.
    Upper Carnegie Hill Real Estate & Apartments for Sale

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