MANHATTAN & BROOKLYN | OCT 2024
Grand Central Railroad Terminal Exterior, Seen from the Trolley and Auto Overpass, New York City, 1913 @NewYorkCity-Vintage History
Strong Demand?
Even though non-relationship Jumbo loans are sitting at over 6%, you'll find that there's still been strong demand for residential real estate in Manhattan and Brooklyn. It looks like almost every price point is doing well, especially since inventory is still in the stable range. With election day approaching, we're watching how it might affect the market.
Be sure to keep an eye out for the next newsletter since I’ve also incorporated weekly scoops.
Discover your next chapter with an amazing New York City home tailored to your desires, or take a moment to explore the ins and outs of your upcoming real estate journey. I am also happy to share my experience on the NYC market, which I have gained as an agent, investor, and homeowner.
- Tarik
THE CORCORAN REPORT: SEP
MANHATTAN | CONDOS & CO-OPS
Manhattan saw a 22% year-over-year increase in contract activity in September 2024, with 757 reported contracts. This marked the first double-digit annual sales increase since December 2021.
Condo sales rose 43%, driven largely by properties under $2M, while co-op sales increased 8%. Contracts above $5M surged by 67%, thanks to new development projects.
Average days on market dropped 11%, with condos seeing a 25% reduction, although co-ops remained steady. Listed inventory in Manhattan remained stable, with 6,477 active listings.
The average price per square foot rose 5% to $1,872, with co-op prices notably skewed by a high-end sale. Discounts off the last asking price averaged -3.4%, tighter than last year.
Which submarket in Manhattan saw the largest year-over-year gain in contracts signed in September 2024?
THE CORCORAN REPORT: SEP
BROOKLYN | CONDOS & CO-OPS
Contract activity increased for the second consecutive month, with condo sales up 19% and co-op sales jumping 71% year-over-year.
Five out of eight submarkets saw annual growth, especially in South Brooklyn, where contracts under $1M surged.
Inventory rose for the fifth straight month, nearing historical September averages, with co-op listings up 11% and condo listings up 18%.
Average days on market decreased 3%, while the negotiability factor reached its lowest in 20 months, with discounts averaging 1.5% below ask.
Which price range experienced a decline in contracts signed in Brooklyn in September 2024 compared to the previous year?
THE CORCORAN REPORT: SEP
MANHATTAN | $5M+ CONDOS & CO-OPS
September 2024 saw a 67% increase in sales over $5M, with 65 sales, making it the second strongest September in a decade.
New development sales more than doubled, and $10M-$20M contracts tripled compared to 2023.
Listed inventory over $5M fell 5%, with Downtown experiencing an 11% drop, while days on market declined 2% to 225 days.
Average price per square foot fell 2% to $3,204, though resale co-op prices surged due to a high-end sale. Without it, co-op prices rose 13%.
In September 2024, which Manhattan market segment showed a 67% increase in contracts signed compared to the previous year?
Beyond The Doorman™
180 E. 88th ST - $7,000,000
Experience luxury in this 2,388 sq ft condominium offering breathtaking views of the NYC skyline, Central Park, and the George Washington Bridge. Located on the 30th floor, it features four bedrooms, three full baths, and one half-bath. The expansive living area boasts 14-foot ceilings and 9-foot windows, while the chef’s kitchen includes Gaggenau and Sub Zero appliances. The primary suite offers a walk-in closet and a spa-like bath. Building amenities span eight floors, including a fitness studio, basketball area, soccer pitch, playroom, game room, and resident’s lounge.
Join me and see why you need a skyline view in your life as we tour this Carnegie Hill luxury condominium with meticulous touches that breathe new life into a pre-war era.
Happening Around the Borough
Open House New York
Explore the city like never before! From October 18th to the 20th, Open House New York Weekend gives you rare access to iconic and hidden spaces across all five boroughs, offering exclusive tours and a unique look at NYC's architectural gems. Click on the link below for more information about the event.
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New York City Wine & Food Festival
Food Network's annual New York City Wine & Food Festival brings together top chefs, mixologists, and culinary talent for an unforgettable weekend starting on October 17th. Indulge in world-class food and drinks while supporting a great cause – don't miss this delicious celebration!
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BRIC JazzFest
BRIC JazzFest brings top jazz artists to multiple stages for dynamic performances, film screenings, and artist talks, making it an exciting experience for jazz lovers and music enthusiasts alike. Don't miss out on a chance to experience the rhythm at Brooklyn's premier jazz festival!
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Top Fall Activities Near New York City
As October rolls in, fall is at its peak, and we've gathered a selection of the best fall activities around New York City, perfect for fully immersing yourself in the season. From vibrant foliage to apple picking and festive Halloween parades, discover our curated list below and make the most of this enchanting time of year!
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.