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Q4 2014 REAL ESTATE MARKET REPORT - Rutenberg - The Smart Brokers

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Q4 2014 REAL ESTATE MARKET REPORT
The Federal Reserve Beige Bookreports that construction and real estate activity expanded across the country in the fourth quarter of 2014, and banks re­ported steady demand for consumer and residential mortgages. New York City’s co-op and condo market showed continued strength at the end of 2014 that has seamlessly carried over into the new year. On the rental side, rents in Manhattan and Brooklyn are up five percent from a year ago while Queens rents have been fairly steady. Luckily for all sectors and boroughs, multi-family construction remains robust.
            Lean inventory and strong demand were consistent themes when discuss­ing an increase in New York City average sales prices for 2014. In a November report, Streeteasynoted that Manhattan’s inventory was “nearly 20 percent beneath a five-year monthly average.” REBNYalso alluded to this in its most recent report, which notes that New York’s residential sales market experienced rising prices …