MANHATTAN & BROOKLYN | APR 2024
“Birds-Eye-View” The City of Brooklyn, 1879 @nycurbanism
On the ground!
As you will discover, occasionally the real-life market doesn't always align apples-to-apples with the figures we read.
The broker community noticed a significant interest in the demand for new inventory, with some properties going to contract faster than expected and often receiving multiple offers. If you're familiar with the Fed's code words regarding inflation and the possibility of rate cuts in the near future, one would expect a low buyer turnout. However, our observations suggest otherwise.
It is true to say a buyer financing has a lower purchasing power compared to when interest rates were at 3-4%, but that doesn’t mean they are not transacting.
Be sure to keep an eye out for next month's newsletter to get a glimpse into the latest developments in NYC's real estate market, and see if it makes sense to come off the fence.
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THE CORCORAN REPORT: MAR
MANHATTAN | CONDOS & CO-OPS
This month, just under 1,100 contracts were signed, down 11% versus last year but up 14% versus February.
Condo sales declined 13% year-over-year and co-op sales experienced a 9% annual decline.
Although this was the first time since March 2023 that listed inventory rose year-over-year (totaled 6,264 units, up 2% annually), the increase was a result of fewer signed contracts rather than an uptick in new listings.
Both condo and co-op average price per square foot figures fell (avg. $1,743), albeit minimally, compared to a year ago.
Which price range had the largest Y-O-Y percentage change in contracts signed?
Which Submarket had the best Y-O-Y contract activity?
THE CORCORAN REPORT: MAR
BROOKLYN | CONDOS & CO-OPS
At over 350 sales, the number of signed contracts was the highest since June 2023, however, both condo and co-op activity declined annually, resulting in an overall decrease of 17%.
While three of the eight submarkets in Brooklyn had more sales than a year ago, Park Slope & Gowanus had the most significant change, down 27 sales due to supply limitations.
Active listings rose month-over-month, though the increase is typically greater than 8% from February to March.
Brooklyn’s negotiability factor has been within 1% of last ask for seventeen of the last twenty months.
Which submarket had the worst Y-O-Y return on contracts signed?
THE CORCORAN REPORT: MAR
MANHATTAN | $5M+ CONDOS & CO-OPS
March 2024 had 71 deals above $5M, down 19% from March 2023. The annual decline was driven by a 70% drop in contracts asking between $10M to $20M.
Active listings fell 9% versus a year ago. All product types and price ranges displayed year-over-year declines in listed inventory.
Days on market dropped 37% versus March 2023. The notable year-over-year decline was caused by a very high figure last year.
March luxury sales averaged just over $2,800 per square foot, up 6% year-over-year. This month’s new development figure was skewed by two sales asking over $6,000 per square foot; without these contracts, the new development average price per square foot would be down 5% annually.
Which building had the highest-priced signed contract?
Happening Around the Borough
New York City Ballet – Spring 2024
If you are a fan of the arts, you're probably no stranger to the New York City Ballet. Beginning on April 23rd and running through May, discover the sublime artistry of the NYCB Spring showcase, blending classical elegance with contemporary innovation in a mesmerizing display of talent and grace at Lincoln Center. Grab your tickets at the link below.
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Met Exhibition: The Harlem Renaissance and Transatlantic Modernism
Experience the Met's newest exhibition on The Harlem Renaissance and Transatlantic Modernism now through July 28th. Artworks and artifacts depict the dynamic exchange of ideas and creativity across continents, offering insight into a transformative era of artistic expression and social change. Learn more at the link below.
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Best Locations in NYC to see Cheery Blossoms
Spring invites us to embrace new beginnings, bask in the sunshine, and awaken to nature's unfolding beauty. If you're like most other people, you're probably jumping at any chance to be outdoors right now after the Winter season. Here are some of the best locations around NYC to catch the beautiful cheery blossoms during peak bloom.
All information contained within this document is intended for informational purposes only and is sourced from sources that are considered reliable. Although the information is believed to be accurate, it is presented subject to omissions, errors, modifications, or withdrawal without prior notice. This is not intended to solicit property that has already been listed. Equal Housing Opportunity.