MANHATTAN & BROOKLYN | Nov 2024

Election.

Sales were boosted by new inventory, pricing modifications, and reduced mortgage rates, which reflect the Federal Reserve's recent interest rate cuts, including a 25 basis point reduction in November.

Be sure to keep an eye out for the next newsletter, including weekly scoops.

THE CORCORAN REPORT: OCT
MANHATTAN | CONDOS & CO-OPS

• Surge in Manhattan Sales: October 2024 reported a 27% year-over-year increase in sales, with 1,066 contracts signed, the strongest October performance since 2021, driven by lower mortgage rates, price adjustments, and new inventory.

• Market Trends and Submarket Gains: Condo sales rose 42% and co-op sales increased 18%, with significant activity in the under $3M range. The luxury market saw a 54% annual rise in contracts over $5M, and downtown experienced a 41% gain in activity despite prior low inventory.

• Inventory and Pricing: Manhattan’s active listings fell 8% year-over-year, totaling 6,497 units, 10% below the ten-year average. Average price per square foot increased 13% annually to $1,918, with contracts over $3,000 per square foot more than doubling versus 2023.

• Discounts and Contract Trends: Discounts off the last asking price averaged -4.4%, tightening by nearly 1% year-over-year. About 75% of contracts were signed below the last asking price, compared to 65% in the previous month.

THE CORCORAN REPORT: OCT
BROOKLYN | CONDOS & CO-OPS

• Sustained Growth in Contract Activity: October marked the third consecutive month of annual sales gains, with condo contracts rising 12% and co-op contracts surging 36% year-over-year.

• Strong Performance Across Price Points: Contracts over $3M doubled compared to last year, while the $1.5M-$2M segment hit its highest sales figure in over two years with 52 contracts.

• Submarket and Inventory Trends: Six of eight submarkets showed annual activity increases. While overall inventory remained flat, condo inventory rose for the sixth consecutive month, and co-op inventory declined annually for the first time in six months.

• Price Growth and Negotiability: Increased new development sales above $2,000 per square foot drove a 6% rise in average price per square foot. Co-ops selling above ask by double-digits contributed to an overall negotiability factor of 1% above asking prices.

THE CORCORAN REPORT: OCT
MANHATTAN | RENTALS

• Lease Activity and Inventory: Lease activity dropped 15% year-over-year and 3% from September, marking the slowest October in over seven years with just under 3,900 leases. Inventory also fell by double digits annually for the second consecutive month.

• Rent Trends: Median rent nearly reached its July peak at $4,650, reflecting a 9% year-over-year increase, the largest in 18 months. Average rent for all unit types rose, with two-bedroom rents increasing 23% to over $7,000, close to the November 2023 peak.

• Vacancy and Listings: Listings fell 17% annually, leading to the lowest visible vacancy in over two years. Annual vacancy declines occurred in seven of the past eight months, the longest streak since 2021.

• Days on Market: While days on market have declined annually, they increased 18% from September, with marketing time rising for both doorman and non-doorman apartments since August.

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Macy's Thanksgiving Day Parade
Before America gets stuffed with turkey and settles in to watch some football, all eyes turn to Manhattan during the Macy's Thanksgiving Day Parade. For those who won't be able to join one of NYC's most beloved traditions in person, tune in to the nationally televised event on November 28th at 9:00AM on NBC! Check out the link below for special announcements & updates.
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Pets and the City
The New York Historical Society Museum's latest exhibition, Pets and the City, is one you don't want to miss. This feel-good art exhibit, with pieces from artists around the world, features heartwarming and quirky takes on life with pets in a bustling cityscape. Perfect for pet lovers and art fans alike, it's an experience bound to leave you smiling—be sure to check it out!
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New York Comedy Festival
The New York Comedy Festival returns for its 20th year with a week of nonstop laughs, featuring top comedians and rising stars across NYC's iconic venues. With over 100 shows across the city, it's the ultimate experience to enjoy the best of the comedy scene. Click on the link below to view the full schedule of events and purchase tickets.
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NYC's holiday markets are opening their doors, bringing cozy vibes, handmade gifts, and delicious seasonal treats to neighborhoods across the city. Stroll through charming market stalls at Bryant Park, Union Square, and beyond to discover unique finds and local artisan crafts. These markets offer the perfect chance to shop small and enjoy the magic of the season right in the heart of the city!

• Bank of America Winter Village at Bryant Park

• Union Square Holiday Market

• FAD Market's Holiday Pop-up in Dumbo at Empire Stores

• Columbus Circle Holiday Market

• Grand Central Holiday Fair

• The Makers Show at City Point

• Herald Square Holiday Market