MANHATTAN & BROOKLYN | MAY 2024
Penn Station construction, March 23, 1910 @nycurbanism
Optimism!
Even though we are in the yo-yo cycle of the Fed’s decision on interest rate cuts, we are seeing encouraging transactions across price points and submarkets, with a few exceptions. Even mortgage lenders have reduced the 30-yr fixed rates from their heydays of +7%, which we see as a good sign.
As you are aware, we are reaching the end of the spring season in NYC residential sales, and we look forward to seeing how the market concludes before the summer season.
Be sure to keep an eye out for the next newsletter since I’ve also incorporated weekly scoops.
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THE CORCORAN REPORT: APR
MANHATTAN | CONDOS & CO-OPS
In April 2024, sales increased year-over-year for the third time this year and displayed the largest annual percentage gain since January.
Condo sales rose 16% year-over-year, co-op sales experienced a 4% annual increase, and contract activity increased across all price points, with sales between $2M and $3M showing double-digit growth compared to 2023.
At the end of April, active listings totaled 7,260 units, up 16% from March and less than 1% from last year, with the month-over-month uptick in inventory exceeding the average 9% increase reported between March and April over the past decade.
The average price per square foot rose 6% year-over-year to $1,857, with both condo and co-op average price per square foot figures increasing compared to last year.
Which neighborhood/product-type had the highest Avg. 10-YR annual growth from 2012 - 2022?
THE CORCORAN REPORT: APR
BROOKLYN | CONDOS & CO-OPS
At over 350 sales, the number of signed contracts was the highest since June 2023.
Sales activity under $1M had the most significant nominal decrease year-over-year, down 51 deals, while sales between $1M and $1.5M expanded by an impressive 35% because of strong new development activity within the price range.
Inventory fell annually for the 30th consecutive month, down 17% to 1,415 listings.
A shift in the market share of sales away from prime neighborhoods skewed the overall average price per square foot down 3% annually and 7% month-over-month.
Which neighborhood/product type had the highest Avg. 10-YR annual growth from 2012 - 2022?
THE CORCORAN REPORT: APR
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 price point had the worst annual change in contracts signed for the month of April?
Happening Around the Borough
NYCxDESIGN's Festival
New York City's official celebration of design, NYCxDESIGN Festival, returns on May 16th-23rd. From funky installations to thought-provoking discussions, this event highlights NYC's role as a global design hub. Taking place across the boroughs, be sure to check out the calendar of events below!
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Paul McCartney Photographs 1963–64: Eyes of the Storm
The Brooklyn Museum presents a new, captivating exhibition on the iconic musician Paul McCartney, Paul McCartney Photographs 1963–64: Eyes of the Storm. Offering a personal journey through his legendary career with The Beatles and beyond, it's a must-see for fans and music lovers alike! Grab your tickets at the link below.
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Makers Market at Bryant Park
For four weekends in May, explore a vibrant showcase of creativity at the Makers Market in Bryant Park. From handmade crafts to artisanal goods, it's the perfect place to discover one-of-a-kind treasures while supporting local makers. Click on the link below for dates and hours.
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Memorial Day Celebrations
Gather your friends, fire up the grill, and get ready for a Memorial Day weekend filled with laughter and sunshine. Whether you're soaking up the sun at the beach or firing up the grill for a backyard BBQ, it's also important to remember what the holiday is for; to honor and remember the men and women who have passed while serving in the Armed Forces. Check out our list below for ideas on how we can celebrate the Memorial Day holiday this 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.