Hello!
We cannot get enough of this gorgeous spring weather. We hope you’re enjoying it and thriving in it. The early mild heat wave landed us out and about in the streets, enjoying the sun on our faces, and dare we say, some of us in sandals and shorts!?
Home sales inventory (aka supply) across Manhattan and Brooklyn continues to be lighter than our typical spring real estate market, although it is steadily growing with another month and a half of spring to keep our eye on. Across Manhattan and Brooklyn, the number of contracts signed took a recent dip (which indicates demand) that we hope is due to the quietude that comes alongside the April holidays and spring break; this dip could indicate that we may be in a more compressed spring market than we’re used to, meaning the spring market may not extend to the end of May. Time will tell. Brooklyn continues to have a steady flow of demand and leans slightly in favor of sellers, whereas Manhattan continues to lean slightly in favor of buyers at the moment (for more market knowledge, follow the data experts at UrbanDigs).
Unless homeowners have a true need to move, those who bought with low mortgage rates a few years ago struggle with the reality of trading in their low rate for a new rate between 6-7% today. As rental prices begin to climb again this spring, the elevated rent rate for their vacant apartment is lucrative. Last month, “asking rents rose 9.2% year-over-year to $3,344 in March, surpassing the record high in October last year of $3,343.” (Source: Streeteasy) Brooklyn is currently the most competitive rental market in the city, where renters have been flocking to since the pandemic, seeking more space with hybrid work-from-home setups. New, modern Brooklyn rental buildings filled with amenities have become home to renters with larger budgets. We expect rental inventory to rise and help alleviate the skyrocketing monthly rates as the year progresses.
The Hamptons real estate market is heating up. With limited inventory and a high demand, properly priced homes are selling fast.
Enjoy the rest of your April <3
Glitter & Gay
Glennda & Tyler released Season 3, Episode 3 last week. Glennda says our most valuable commodity is not time… it’s our attention. She is singularly focused on her goals and knows exactly where she’s going. Tyler has big dreams, and many of them! He’s been advised to narrow his 2023 goals down to just two, and he feels confident he picked the two that will open the door for the rest of his dreams to come true.
Season Two On Netflix!
We’re thrilled to share that The Agency and CEO Mauricio Umansky are returning to Netflix for Season 2 of Buying Beverly Hills. Big listings, big views and even bigger competition. See who has what it takes to make it in the world’s most iconic real estate market.
Market Update
MANHATTAN
In Q1, Manhattan sales were down 20% from the previous quarter, with 2,011 total sales compared to 2,503 in Q4 2022. There were 3,497 new listings on the market in Q1, up 56% from last quarter. There were 2,320 new contracts signed, which was a 24% increase from Q4 2022. Inventory continues to remain low; only up 2% quarter-over-quarter and down 8% year-over-year. The median listed price was $1,481,062 up 3% compared to the previous quarter and up 6% compared to Q1 2022.
BROOKLYN
The Brooklyn market continued to see a decrease in sales in Q1, slowing down 31% from Q4 2022. The median listed price was $651,000, a 2% decrease from $667,000 in Q4 2022. New listings on the market increased by 23% with a total of 1,109. Contract activity increased by 7% from Q4 2022, with 890 signed. The average price per square foot was $875 in Q1, compared to $879 from the same quarter last year, only a 0.5% decrease. Inventory continues to remain low in Brooklyn, with a 9% decrease from the previous quarter.
QUEENS
The Queens market saw 646 sales in Q1, a 10% decrease compared to Q4 2022 and a 38% decrease compared to the same quarter last year. There were 1,153 new listings, up 12% from the previous quarter. The median listed price was $828,000, up 4% from Q1 2022. The median sales price was down 7% compared to Q4 2022, coming in at $775,000.
We Made RealTrend's Top 500 List
We are proud to share that The Agency has placed 18th on the 2023 RealTrends 500 List— the leading industry report ranking the performance of top residential real estate brokerage firms in the country. The Agency was also recognized (once again) on RealTrends’ prestigious Billionaire’s Club, which features the top brokerage firms in the United States that closed at least $1B worth of real estate in 2022. We’re thrilled to be a part of The Agency’s dynamic global team, and look forward to more exciting developments in the year to come!
On the Market NYC
You can find all of our listings here.
301 East 75th Street #17C
Lenox Hill | Co-op | $1,495,000 | 2 Beds, 2 Baths
Residence 17C is an opportunity on the Upper East Side not to be missed! The flowing layout with light from every room in this fabulous two bedroom is remarkable. This corner two-bedroom, two-bathroom home is in pristine condition with west, south, and north exposure, featuring exceptional sunshine and views. The gracious 31′ living room flows into the sun-filled formal dining area that is surrounded by amazing windows. The kitchen features a Sub-Zero refrigerator, GE profile appliances, and black granite counters. The kitchen is great for entertaining family and friends! Both bathrooms are finished with marble and feature a glass-enclosed shower and tub.
168 North Sea Road
Southampton | Development Opportunity | $1,495,000
Village Home and Office Opportunity. Rare development or investment opportunity in Southampton Village. Build a home office and dream home with a pool or make the perfect investment property close to all of the shops, restaurants, and charm of Southampton Village. There is currently a 4-bedroom home, garage, and two additional structures on the property.
66 West 84th Street #4A
Upper West Side | Co-op | $800,000 | 2 Bed, 1 Bath
This beautifully renovated two-bedroom, one-bathroom home boasts nearly 10-foot ceilings, rich hardwood floors, and an abundance of natural light pouring in from oversized windows with views of beautiful cherry blossoms and amazing city views of the Upper West Side. The open and airy living room is perfect for entertaining guests and hosting meals around the dining table. The modern and sleek kitchen is a chef’s dream, featuring top-of-the-line stainless steel appliances, custom cabinetry, and quartz countertops. Both bedrooms are generously sized, with great closet space.
234 West 148th Street #5E
Central Harlem | Condo | $595,000 | 1 Bed, 1 Bath
Apartment 5E is a bright and modern one-bedroom home offering well-proportioned rooms in a layout that was designed to create efficiency and separation. Complete with a closeted entryway, eco-friendly and durable bamboo flooring, oversized windows offering views, a spacious and updated bathroom and kitchen, in-unit LG washer/dryer combo, and ample closet space, this home has it all. The living room offers plenty of room for entertaining or relaxing. Separating the living room from the kitchen, the owners extended the kitchen area and built a peninsula for additional storage and countertop space. The Your updated kitchen features LG stainless steel appliances, white lacquered cabinets, and a designer backsplash. The large bedroom with a sizable custom closet can accommodate a king-size bed and additional furniture. Close to the bedroom you will find the modern marble bathroom with additional storage and beautiful finishes and fixtures.