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
