April 2023 / Q1 2023 NYC Real Estate Review
I hope you find this April 2023 / Q1?2023?NYC Real Estate Review?useful and encourage you to share it with anyone who may find it interesting.
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The first quarter of 2023 was a challenging period for the Manhattan housing market due to various factors such as bank failures, uncertain economic sentiment, and fluctuating mortgage rates. As a result, real estate transactions were impacted, and sales were down meaningfully, year-over-year.?Buyers did, however, experience an increase in bargaining power.
Looking ahead to the rest of 2023, uncertainty around economic conditions, mortgage rates, and other factors could still impact the NYC housing market, but?buyers do appear to be returning to the market and utilizing their newfound strength.
Brick Underground:?A condo or co-op with lower carrying costs can make buying more doable. Here's where to find one
As always, I'd be happy to chat about any and all of this!
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?April 2023?/ Q1?2023?NYC?Real?Estate?Review
Q1?2023?Manhattan Sales
In?Manhattan, the market continues to transition out of the pandemic-era boom a year ago with lower sales and modest inventory growth as mortgage rates are more than double last year’s.?Median sales price slipped year-over-year for the second time since the pandemic era began but remained slightly above pre-pandemic levels.?Listing inventory was nearly flat compared to the year-ago quarter and slightly less than the 5-year quarterly average.?With lower sales, the pace of the market has been at its slowest rate in 2 years.?COOP?listing inventory declined annually, slightly less than the 5-year quarterly average.?CONDO listing inventory edged higher for the fourth consecutive quarter to a level consistent with the 5-year average.?The market share of luxury bidding wars rose to a new record as price trend indicators showed mixed annual trends.?Luxury listing inventory expanded annually for the third consecutive quarter.?New development sales as a percentage of all sales had the smallest market share in 4?years.?The average new development sales square footage was the smallest since 2008.
COOP?and CONDO?price trends in?Northern Manhattan?were weaker?than during the prior year?and remained below pre-pandemic levels.?Apartment listing inventory fell year-over-year for the second straight quarter. In the townhouse market,?price trend indicators showed mixed annual results as sales declined.?Townhouse listing inventory continued to press higher year-over-year.
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The number of newly signed contracts rose month-over-month for the second time as new listings increased for the third time.
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The number of newly signed contracts rose month-over-month for the second time as new listings increased for the second time in 3 months.
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Q1?2023?Brooklyn, Queens, and Riverdale Sales
The median sales price in?Brooklyn?remained at the third-highest level on record. Sales fell sharply year-over-year to a level consistent with the first quarter decade average. Listing inventory fell year-over-year for the fourth consecutive quarter, providing support for pricing.
Price trend indicators in?Queens?slid annually but remained above pre-pandemic levels.?Sales fell sharply year-over-year to a level just below the first quarter decade average. Listing inventory declined year-over-year and was consistent with the first-quarter average for the decade.
In?Riverdale,?which includes Fieldston, Hudson Hill, North Riverdale, and Spuyten Duyvil,?median sales price increased year-over-year for the fourth time in 5 quarters.?Sales fell annually for the third consecutive quarter, constrained by the drop in listing inventory for 4 straight quarters.
March 2023?Manhattan, Brooklyn & Queens Rental Market
Manhattan's median rent?reached a new high as new lease signings were the second-highest March on record.?Listing inventory expanded annually for the fifth consecutive month.?Non-doorman price trend indicators representing the lower half of the market continued to see higher annual gains than doorman price trend indicators.?New development lease signings rose at triple the annual rate of existing rental lease signings.?Luxury median rent rose annually for the twenty-first month as more?than half of all luxury tenants signed 2-year leases for the third straight month.
Net effective median rent in?Brooklyn?reached the second-highest level on record as new lease signings set a new record for the month of March.?Listing inventory expanded annually for the fourth time as supply was drawn in by rising rents.
Median and net effective median rent in?Northwest Queens?reached their second-highest levels on record.?New lease signings rose to a new record for March. Bidding wars rose to more than 1 in 5 leases, the highest in more than 2 years of tracking.
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