Hello All!
We hope your 2023 is off to a great start and that you’re still on top of your New Year’s resolutions. We cannot believe it is almost February.
We’ll get right to it. How’s the real estate market in Manhattan and Brooklyn? Well, the two boroughs are telling quite different stories.
Manhattan is still experiencing a buyer’s market, as it has been for months now. Manhattan listing supply is finally starting to tick up—albeit slowly. Contracts signed are down, but we’ll see that number inch up as the new listings begin to trade. No matter what side of the deal clients are on in Manhattan, there seems to be a sense of disappointment. Sellers are not getting the prices they want, and after watching the highs of the seller’s market in 2021, they’re reluctant to dish out steep discounts; on the flip side, buyers are expecting the deal of a lifetime, so we are seeing negotiations slow and stall.
The median discount is ~4.8% in the borough which has remained pretty stable as of late, but the number of price cuts is trending down. In markets like today, it’s our job as a real estate agent to inform our clients about the reality of the market and whatever scenario you find yourself in. If you’re buying or selling right now, please find yourself an agent you trust to be on your side and get you to the finish line, even when it doesn’t feel like sunshine and rainbows. For more Manhattan insight, check out the trusted Urban Digs.
In Brooklyn, we’re still in the thick of a seller’s market. In fact, Streeteasy “ranked the top neighborhoods in NYC for sellers by the share of listings sold above their initial asking price in Q4 2022, using StreetEasy listing data and ACRIS sales records.” Eight of the top ten neighborhoods were in Brooklyn. “Of all listings sold in these top 10 sellers’ markets, 34% – about one in three – were sold above asking in Q4 2022. That’s double the rest of the city, where 17% sold above asking. With this data taken into account, buyers and sellers can expect bidding wars for some homes in these neighborhoods.” (Streeteasy). If you’re transacting in Brooklyn, we’re here to help you jump into the crowded, rowdy party.
Out East, the Hamptons market is off to a busy start this year. The rental market for the Summer season is busier than last year, with renters locking in their rentals earlier than they did in 2022. The $1,000,000 – $3,000,000 range started with a surge of buyers and inventory in 2023.
See you in February!
