🔍 Last Week's Real Estate Activity in NYC 🔍 Last week's real estate activity in New York City provides a clear snapshot of the market dynamics across its key areas: 🏙️ Manhattan: There were 211 contracts signed, reflecting a 6% decrease year-over-year and a 13% decline from the previous week. 🏡 Brooklyn: The market showed activity with 128 contracts signed, down 4% from last year and a 16% decline from the previous week. 🏢 Long Island City: Stability persists with 12 contracts signed, even with last year but 9 fewer than the previous week, indicating a steady market. 📈 High-End Market: There were 30 $4M+ contracts signed last week in Manhattan and Brooklyn combined, just 1 less than the previous week. 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 market. #RealEstate #NYCRealEstate #MarketTrends #Manhattan #Brooklyn #LongIslandCity #SERHANT
SERHANT.’s Post
More Relevant Posts
-
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
To view or add a comment, sign in
-
🏢 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
To view or add a comment, sign in
-
🏙️ 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
To view or add a comment, sign in
-
Brooklyn Heights Real Estate Market Heats Up: A Tale of Two Trends 🏘️🔥 As a real estate professional in NYC, I'm always fascinated by the ebb and flow of our dynamic market. The latest numbers from Brooklyn Heights tell an intriguing story of growth and change. Here's what's catching my eye: 1. Median sale price soared to $1.6M, up a staggering 34.6% year-over-year! This is a clear sign of strong demand in this historic neighborhood. 2. Transactions more than doubled, with 45 properties changing hands - a 125% increase from last year. Buyers are clearly active in Brooklyn Heights. 3. Interestingly, the price per square foot actually decreased by 11.7% to $1,345. This could indicate larger properties are selling, or buyers are getting more space for their money. What does this mean for the market? 🤔 Are we seeing a shift towards larger family homes in Brooklyn Heights? 🏠 Is the allure of brownstones and historic charm driving this surge in demand? 💼 How is the return-to-office trend impacting this centrally-located neighborhood? For buyers, this could be both an opportunity and a challenge. While prices are up, the lower price per square foot might offer value for those seeking more space. For sellers, it's a promising market with high demand and rising prices. But pricing strategy is key - the disconnect between overall prices and price per square foot needs careful consideration. What's your take on these trends? Are you seeing similar patterns in other Brooklyn neighborhoods? #BrooklynRealEstate #MarketTrends #BrooklynHeights #NYCHousing #TopPropertiesTeam #RealBrokerLLC #RealBrokerage
To view or add a comment, sign in
-
🏅 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
To view or add a comment, sign in
-
Residential Real Estate | Business Development | Sales & Marketing | Luxury Real Estate | Team Building | New Construction
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
To view or add a comment, sign in
-
Founder of The 212Bravo Team | Sports & Entertainment Division | Connecting NYC Real Estate to a Diverse Global Network 🌎
212Bravo's Desk: Is Manhattan's Real Estate Market Truly Under-Supplied? 🏙️ Let’s peel back the curtain on Manhattan's property scene. You've probably heard the narrative - "Manhattan is out of new condos!" According to Marketproof, we've seen a dramatic decrease from 15,000 unsold units in 2020 to just about 4,821 by the end of last year. Sounds like a tight squeeze, doesn’t it? But here's a twist: UrbanDigs highlights something not everyone is talking about – the "shadow inventory." Picture this: over 3,500 properties in Manhattan are like hidden gems, not listed but waiting for the right moment to shine. This revelation begs a significant question: Is the perceived shortage of Manhattan real estate a bit overstated? If we consider these shadow listings, the dynamics of supply and demand in the market might look quite different. #NewYork #Manhattan #RealEstate
To view or add a comment, sign in
-
Let’s dive into some Quick Real Estate Chat! 🏡 Last week in Manhattan, we saw 246 signed contracts. Downtown led the way with 64 contracts, averaging $3.7M. Meanwhile, Upper Manhattan was a steal at just over $1M! 💸 In the New Development Market, 30 contracts were signed with an average up to $4.1M 📈. The standout? One Highline’s PH34B at an impressive $25.6M! 🌟 And what about Brooklyn? It’s not far behind Manhattan with 166 signed contracts. The crown jewel was 336 Degraw St, with a last asking price of $12M 🏠. In Northwest Brooklyn, the highest average was $2.1M 💸. One question I always get: Is Brooklyn good for investment? Well, this past Q1 saw the average price grow by 1.8% to reach $1,197,837, and a 2.5% increase in the median price, now at $953,623. Particularly, North Brooklyn, with neighborhoods like Greenpoint and Williamsburg, showed impressive growth with an 8.9% annual increase in sales volume and rising figures in both average and median sales prices of 8.4% and 16.6% respectively. Let’s keep the conversation going! 🗨️ #RealEstate #Manhattan #Brooklyn #MarketUpdate
To view or add a comment, sign in
-
🏙️ **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
To view or add a comment, sign in
-
Residential Real Estate | Business Development | Sales & Marketing | Luxury Real Estate | Team Building | New Construction
https://lnkd.in/enqzriVp ON REPEAT; Buyers: More Choices, More Competition Continued Strong Demand: The Elegran | Forbes Global Properties NYC Consumer Sentiment Index maintains a positive sentiment score of +29, indicating sustained consumer optimism. This sentiment is echoed in the weekly contract volumes, with Manhattan consistently maintaining contract volumes above 200 and Brooklyn witnessing an increase in contracts signed compared to the previous week. Rising Supply: Over the past week, overall Manhattan supply increased by 1.7% and Brooklyn supply increased by 1.2% as 444 new listings in Manhattan and over 200 in Brooklyn came to market. Market Implications: Current trends suggest a healthy real estate market characterized by robust consumer confidence and active engagement from buyers and sellers. The expanding inventory offers buyers a wider array of options while intensifying competition for coveted properties. In this dynamic landscape, buyers are advised to act decisively and purposefully to capitalize on opportunities. Navigating the Landscape: In light of the expanding choices and heightened competition, buyers are advised to approach the market strategically. Acting swiftly and decisively, informed by thorough research and a clear understanding of personal preferences, is essential. #MarketUpdate #marketcommentary #NYC #nycrealestate #manhattan #brooklyn #forbesglobalproperties #whereyoubelong #mortgagerates
To view or add a comment, sign in
40,102 followers