The FIDI Report: 1Q18
Q1 2018 in the Financial District saw both QoQ and YoY decreases in the number of units sold. The major drop was YoY with a 52% drop in number of units sold from 103 units to 50 units. There was also a drop QoQ but this was less significant, with number of units sold dropping from only 52 units to 50 units. One possible explanation possible explanation for the low number of units sold in Q4 and Q1 is uncertainty around the recent tax law changes. The average price in FiDi increased by over 10% YoY, largely due to a whopping 38.55% increase in the average price for a two bedroom apartment. One bedroom apartments were the only layout that saw a dec that saw a decrease in average price, which
was a decline of 12% to $1,110,322.
- The average price of a two bedroom increased by 40.72% YoY to $1,737,822 while the average price per square foot actually decreased by -1.78% to $1,394.
- Average sale price for apartments in FiDi dropped 29.42% QoQ, but still saw an increase of 10% YoY.
- Studios were the only layout which increased QoQ with a 13.66% jump in average price to $772,426 and a 4.61% increase YoY.
Average rent prices dropped YoY and QoQ in Q1 2018. Studios and one bedrooms fared the best with minimal decreases YoY and roughly consistent prices QoQ. Inventory is also down 22% YoY. Several potential causes for the drop in inventory include unprecedented landlord concessions resulting in more new leases being signed, landlords not putting all of their product on the market and landlords being more negotiable with lease renewals. The most positive news for rentals in Q1 was a 29.55% uptick in units rented QoQ from 396 units to 513
- The average rent price dropped by 8.8% both QoQ and YoY to $3,929 – more than a $300 drop.
- Number of two bedroom apartments rented increased 55.8% QoQ from 138 units to 215.
- Inventory has dropped from 1,135 units to 885 units YoY, which is a slight increase from 823 units in Q4 2017.