🔍 Last Week's Real Estate Activity in NYC 🔍 Last week's real estate activity in New York City offers insightful glimpses into the market dynamics of its key boroughs: 🏙️ Manhattan: There were 243 contracts signed, reflecting a 10% decrease year-over-year and even with the previous week. There were 31 $4M+ contracts signed in Manhattan and Brooklyn combined, 5 fewer than the previous week. 🏡 Brooklyn: The market showed activity with 153 contracts signed, down 5% from last year and down 5% from the previous week. 🏢 Long Island City: Stability persists with 23 contracts signed, 2 fewer than last year but 8 more than the previous week, indicating a steady market. At SERHANT., we continuously monitor these trends to provide our clients with the most relevant insights. Whether you’re looking to buy, sell, or invest, our team is here to guide you through the dynamic NYC real estate landscape. #RealEstate #MarketUpdate #NYCRealEstate #ManhattanRealEstate #BrooklynRealEstate #LongIslandCity #LuxuryRealEstate #RealEstateTrends #SERHANT
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Manhattan Real Estate Market Snapshot - November 4-10, 2023 🏙️ : - 183 Contracts Signed: - Down 2% week-over-week. - Up 2% year-over-year. - Consistent Growth Trend: - Third time in four weeks with sales equal to or surpassing 2022 figures. - New Developments Fuel Surge: - New development sales up 56% annually. - Activity at 450 Washington and Tribeca Green major contributors. - Affordable Segment Thriving: - Sales under $1M rose YoY for the third consecutive week. - Reflects increased demand for accessible housing options. - Upper West Side Soars: - 50% YoY increase in Upper West Side activity. - Strong surge in contracts signed under $3M. In a dynamic market, these trends underscore Manhattan's resilience, with new developments, affordability, and specific neighborhood appeal contributing to a promising real estate landscape. #RealEstate #NYC #Market #November2023
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🏅 Manhattan Sees Highest Contract Signings in 10 Months, Brooklyn Breaks 9-Month Record Amidst Growing NYC Real Estate Demand The Elegran | Forbes Global Properties NYC Consumer Sentiment Index increased from +33 to +47 this week as 278 contracts were signed in Manhattan, a record in the last 10 months, and 158 in Brooklyn, a record in the last 9 months. Notably, contract signings in #Manhattan and #Brooklyn increased by 24% and 12%, respectively, compared to last week, outstripping the rise in new listings by 5% and 4% in each borough. ➡️ Buying: Expect a competitive market; act fast when you find a property you like. ➡️ Selling: Considering selling? Now is the prime time to come to market. Let’s discuss the right strategy for you and your home. ➡️ Prices: Expect less negotiability and be prepared to encounter a bidding war. ➡️ Confidence: People feel more confident about the market and macroeconomic factors, which affects decision-making. ➡️ Preparation: Get your finances in order, make those small renovations, and know the market well to compete effectively. Read more of this week's market update: https://lnkd.in/e7f36GDu #MarketUpdate #marketcommentary #NYC #nycrealestate #manhattan #brooklyn #forbesglobalproperties #whereyoubelong #mortgagerates
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🏙️ **Manhattan Real Estate Snapshot: Jan 27 - Feb 2, 2024** 🏙️ We're delighted to present a comprehensive overview of Manhattan's condo and co-op market dynamics for the past week. **Key Highlights:** 1. **Contract Surge:** A notable uptick with 246 contracts signed last week, showcasing a remarkable 31% WoW surge and an impressive 43% YoY growth. This surge marks the highest number of signed contracts since the second week of June 2023, underlining a robust market resurgence. 2. **Segmented Growth:** Sales under $3M experienced a substantial 52% YoY increase, reinforcing the resilience of this segment. Meanwhile, contracts over $3M maintained stability, remaining level with the same week last year. This nuanced growth pattern reflects a balanced market catering to diverse buyer segments. 3. **Regional Dynamics:** Continuing the trend from the previous week, Upper Manhattan, the Financial District/BPC, and Midtown emerged as hotspots, boasting the strongest annual gains in activity. These regions continue to be focal points for real estate enthusiasts and investors alike. 4. **Monthly Roundup:** January 2024 concluded with just under 800 contracts signed in Manhattan, marking a noteworthy 24% YoY increase. This robust monthly performance sets a positive tone for the real estate market in the upcoming months. Explore the detailed report attached for a deeper dive into the intricacies of Manhattan's real estate landscape. Stay informed, stay ahead! 🏡💼 #ManhattanRealEstate #MarketAnalysis #propertyinsights
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Contract Volume is Light: Signs of a Slow[er] Spring Season in NYC Real Estate The #Manhattan real estate market is experiencing a deceleration in contract volume, suggesting a cooling off in traditionally the vibrant spring season. Buyers may pause as they navigate challenges: rising interest rates, declining stock markets, increasing geopolitical tensions, an upcoming election, and shifting forecasts about Federal Reserve rate cuts. 🌎 Impact of Economic and Geopolitical Factors Financing buyers are particularly affected by the spike in interest rates, which have returned to their highest levels since last autumn, prompting a reevaluation of the rent-versus-buy decision. Cash buyers, more typically engaged in discretionary purchases, may hesitate amid these uncertain times. Recent geopolitical developments, especially the tension between Israel and Iran, add to this uncertainty. While these events have not yet impacted this week’s contract activities, their effects may become apparent in the near future. 📊 Market Trends: Manhattan and Brooklyn In Manhattan, contract activity fell by 12% compared to last year's week and was 24% lower than in 2019. Conversely, Brooklyn saw a decrease of 9% from last year but a notable increase of 60% compared to 2019, highlighting a dynamic shift in buyer interest or market recovery. 🏷️ Inventory Levels and Consumer Sentiment The market is observing an increase in inventory, which is expected during this season and might provide buyers with some negotiating power. According to the Elegran | Forbes Global Properties NYC Consumer Sentiment Index, sentiment aligns closely with the pre-pandemic average at a +5 this week. 🏘️ Rental Market Dynamics As we approach the peak rental season, there is momentum in the rental sector, with the highest number of new leases signed in a week since last September. Additionally, there has been a slight decrease in overall inventory, indicating a strengthening rental market. Read the full update: https://lnkd.in/eKYkNr52 #MarketUpdate #marketcommentary #NYC #nycrealestate #manhattan #brooklyn #forbesglobalproperties #whereyoubelong #mortgagerates #RealEstate Forbes Global Properties
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The New York City real estate market is as dynamic and complex as the city itself. With the vibrancy of spring breathing new life into the city, we find ourselves at a critical juncture, analyzing trends and anticipating the future of both Manhattan and Brooklyn markets. 🔗Read more here: https://lnkd.in/gqSJsT5r 📈 Also, if you are curious about the real estate market in NYC you can watch our latest analysis and reports. Let us know if you have any questions, we are here to help! 🖤🌿 #realestate #NYC #agentsofcompass #thriveatcompass #forrent #forsale
MACRO MONDAY
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🏙️ Manhattan's real estate market took a major hit in 2023, with sales of investment properties plunging to levels rivaling those of 2020. While the whole of NYC experienced a downturn, Manhattan was hit the hardest. Luxe neighborhoods couldn't salvage the situation, leaving the market in a gloomy state. What factors could have contributed to this decline? Share your thoughts! #ManhattanRealEstate #SalesDecline #InvestmentProperties #blog https://lnkd.in/gvPUveYc
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🏢 Manhattan's real estate market took a major hit in 2023, with sales of investment properties plunging to levels rivaling those of 2020. While the whole of NYC experienced a downturn, Manhattan was hit the hardest. Luxe neighborhoods couldn't salvage the situation, leaving the market in a gloomy state. What factors could have contributed to this decline? Share your thoughts! #ManhattanRealEstate #SalesDecline #InvestmentProperties #blog https://lnkd.in/gvPUveYc
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Contract Volume and New-to-Market Supply Normalize This Week It was a typical week for the Manhattan and Brooklyn real estate market. Contract activity and new properties entering the market remained consistent with recent levels. As such, Elegran | Forbes Global Properties NYC Consumer Sentiment Index was near parity with the pre-pandemic average, measuring +10 this week. In Manhattan, 239 contracts were signed, representing a 16% increase compared to the previous week, while Brooklyn saw a decrease of 8% with 126 contracts signed. Although the overall supply of properties for sale in both boroughs continues to rise, the number of new properties entering the market this week was slightly lower. In Manhattan, there was a 15% decrease compared to last week, and in Brooklyn, a 10% decrease. In the Manhattan rental market, the supply of available units appeared to reach a low point at 2,950 units over the past three weeks. However, it has been increasing for the past two weeks and has now surpassed 3,000 units again this week. For the full report including what sold in New Development: https://lnkd.in/etgMrAhm #MarketUpdate #marketcommentary #NYC #nycrealestate #manhattan #brooklyn #forbesglobalproperties #whereyoubelong #mortgagerates #RealEstate Forbes Global Properties
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Residential Real Estate | Business Development | Sales & Marketing | Luxury Real Estate | Team Building | New Construction
Manhattan Real Estate Sustains Three Consecutive Weeks of Robust Demand Manhattan's real estate market has demonstrated remarkable resilience over the past three weeks, with [comparatively] robust demand driving contract activity. This week, 226 contracts were signed, marking the third consecutive week with over 200 contracts. Despite an uptick in new listings, overall supply remains somewhat constrained, exerting pressure on the market. As Manhattan's real estate market sustains three consecutive weeks of robust demand, the Elegran | Forbes Global Properties NYC Consumer Sentiment Index held steady at +27, indicating a 27% increase in current consumer sentiment compared to the pre-pandemic average (from January 5, 2015, to February 29, 2020). Meanwhile, Brooklyn's real estate market continues to show resilience, with demand consistently surpassing pre-COVID levels. However, Brooklyn has not experienced the same pronounced spike in contract activity witnessed in Manhattan over the past few weeks, and supply dynamics remain slightly subdued compared to Manhattan, with both new supply and overall inventory levels remaining flat. Read more in this week's Market Update #MarketUpdate #marketcommentary #NYC #nycrealestate #manhattan #brooklyn #forbesglobalproperties #whereyoubelong #mortgagerates #elegran #elegranrealestate https://lnkd.in/eFGUtdwB
Weekly Manhattan & Brooklyn Market Update: 2/19 - Elegran | Forbes ...
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Manhattan Real Estate Sustains Three Consecutive Weeks of Robust Demand Manhattan's real estate market has demonstrated remarkable resilience over the past three weeks, with [comparatively] robust demand driving contract activity. This week, 226 contracts were signed, marking the third consecutive week with over 200 contracts. Despite an uptick in new listings, overall supply remains somewhat constrained, exerting pressure on the market. As Manhattan's real estate market sustains three consecutive weeks of robust demand, the Elegran | Forbes Global Properties NYC Consumer Sentiment Index held steady at +27, indicating a 27% increase in current consumer sentiment compared to the pre-pandemic average (from January 5, 2015, to February 29, 2020). Meanwhile, Brooklyn's real estate market continues to show resilience, with demand consistently surpassing pre-COVID levels. However, Brooklyn has not experienced the same pronounced spike in contract activity witnessed in Manhattan over the past few weeks, and supply dynamics remain slightly subdued compared to Manhattan, with both new supply and overall inventory levels remaining flat. Read more in this week's Market Update #MarketUpdate #marketcommentary #NYC #nycrealestate #manhattan #brooklyn #forbesglobalproperties #whereyoubelong #mortgagerates https://lnkd.in/eZ9vRxsY
Weekly Manhattan & Brooklyn Market Update: 2/19 - Elegran | Forbes ...
elegran.com
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