Increasing interest rates, supply shortages, and a seemingly insatiable demand, the NYC residential real estate market off to a hectic start. These conditions are causing inventory to move quickly while pushing prices up and is even sparking bidding wars. Supply has dwindled to early pandemic levels and new supply just can't keep up with demand. Many sectors even have more pending sales than active listings, making them strong seller markets. Here are the latest numbers:
Manhattan: Median Sales Price - $1,245,000 (up 13.2% y.o.y) Signed Contracts (Jan) - 949 $4M+ Signed Contacts (Jan) - 253 Median Days on Market - 73 Brooklyn: Median Sales Price - $950,750 (up 4.8% y.o.y) Signed Contracts (Jan) - 725 $4M+ Signed Contacts (Jan) - 41 Median Days on Market - 64
The vast majority of these purchases have been domestic buyers. We have yet to see the commercial sector rebound and foreign investors reappear. This means we are still in the happy middle of the market and ways to go before reaching peak levels The rental market also continues to be chaotic. Renters who capitalized on covid pricing are getting renewal letters with steep rent increases. This leaves them with a tough decision: to accept the increase or move on to a market where prices are up well above pre covid levels. The rental market is moving so quickly that much of its inventory comes and goes within days and with its fair share of bidding wars. Whether you are looking to buy, rent, or sell it important that you align yourself with a seasoned agent who can help guide you through these intricate market conditions. I'm always here to help should you or anyone you know have further questions.
February was a great month for signed contract activity! Both Manhattan & Brooklyn saw massive increases in market activity from the previous month.