Howl you doin’? Spooky season is upon us, and there’s that crisp bite in the air that we all love about Fall in New York.
How’s the real estate market in the city? Weekly supply is ticking up ever so slightly in both Brooklyn and Manhattan, though not at the pace of September, leading to a very lackluster month of new listings across the city. September is generally a slower month for closed sales, and we typically look to October to be the rebound month for closed deal volume, but it’s not popping as we usually expect. Pending sales in Brooklyn are up in comparison to Manhattan, where pending sales are dipping. We may be in the midst of a market shift in Brooklyn, but it’s still too early to tell. Brooklyn negotiations are still leaning in favor of sellers at the moment. Manhattan continues to be a buyer’s market and feeling more stressed overall than Brooklyn.
We’re seeing Manhattan sellers adjust their prices more seriously to make deals move compared to prior months. That said, sellers are not yet hitting the panic button with super steep discounts.
Out east, data suggests the market is beginning to slow down in relation to the number of homes selling. The median home sales price across the combined Hamptons markets remained stable at $1.725 million, yet 30% fewer homes traded hands in Q3. While the number of closed sales is trending down, we’re surprisingly seeing the volume of closed sales increasing across many of the Hamptons markets. For example, in Amagansett, the median home sales price broke records at $10.7 million – The total home sales volume was impressive, rising 176% to $221.2 million; this happened despite only 15 closings, 44% fewer closings than the third quarter of 2021.
