This fall was different from years prior, as its performance would help solidify whether NYC is truly back. We're happy to report that the market has exceeded expectations and performed in spectacular fashion. At first, it was uncertain whether we were going in that direction. It wasn’t until mid-September that signed contract activity ignited. This spanned across all price points and has continued to stay hot since. Here are the October sales highlights:
• Total signed contracts - 1,292, up 31% since September
• Signed contracts above $3M – 141
• Average price per square foot - $1,343, up 11% y.o.y
• Median sales price – $1,132,166, up 15% y.o.y
• Median days on market - 71
• Total signed contracts - 920, up 34% since September
• Signed contracts above $3M – 53
• Average price per square foot - $952, up 8% y.o.y
• Median sales price – $913,750, up 8% y.o.y
• Median days on market - 57
The rental market has also been crazy. Inventory was quickly absorbed this summer, which triggered a major decrease in landlord concessions and increased prices this fall. We are finally starting to see the inventory shortage begin to ease, but demand is still high. If you have any questions about a particular segment of the market, let's talk. Our team now covers NYC, Northern NJ, The Hamptons, and Miami. I also have great referral partners all over the US and UK if you are looking to relocate or for a second home. Also, if you found this info helpful and know of someone who's entering the market, please forward this email to them.
October was a great month for signed contract activity! Both Manhattan & Brooklyn saw massive increases in market activity from the previous month.
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