January 2024 / Q4 2023 NYC Real Estate Review
I hope you find this January 2024 / Q4?2023?NYC Real Estate Review?useful and encourage you to share it with anyone who may find it interesting.
Reviews, referrals, and recommendations have become?the lifeblood of the real estate?business.?If you have had a good experience working with me, in any market, and would be so inclined, I would appreciate your positive review:?Sure, I'd love to recommend Andrew Fishkind
It appears that the dip in mortgage rates during the middle of Q4 has had a positive impact on the real estate market. The increased sales activity our team experienced from mid-November suggests that both buyers and sellers were motivated by the more favorable rates.
The anticipation of future rate cuts could be playing a role in encouraging consumers to take action in the market. Lower mortgage rates generally make homeownership more affordable, attracting potential buyers. Additionally, sellers may be motivated to make transactions before rates potentially drop further.
Keep in mind that the real estate market can be influenced by various factors, including economic conditions, employment rates, and overall consumer confidence. Monitoring these factors alongside interest rates can help you make informed predictions and decisions in the real estate market.
Bloomberg
Mansion Global?
The Real Deal?
Crain’s New York
Axios?
The Messenger?
Brick Underground?
As always, I'd be happy to chat about any and all of this!
Regards,
January 2024?/ Q4?2023?NYC?Real?Estate?Review
Q4?2023?Manhattan Sales
Sales and listing inventory in the Manhattan?COOP and CONDO?market continued to fall as prices increased. Median sales price rose year-over-year for the first time in 5 quarters to the second-highest fourth quarter on record. Listing inventory declined annually for the third consecutive quarter as sales continued to fall at a diminishing rate. Cash sales surged to exceed? 2/3?of all sales to reach a record-high market share. While resales slipped year-over-year, sales at or above the $5 million threshold surged. COOP?sales increased annually for the first time in 6?quarters, while the CONDO median sales price edged higher year-over-year for the first time in 5 quarters. Luxury median sales price increased annually for the third time and remained significantly above pre-pandemic levels, as luxury listing inventory fell annually for the third consecutive quarter. New development listing inventory declined year-over-year for the fourth consecutive quarter, and their sales declined year-over-year for the sixth time as excess supply was sold off during the pandemic.
COOP and CONDO newly signed contracts expanded as mortgage rates fell sharply over the past month.
New listing inventory for all property types rose at its highest rate since March 2022, prompting more sales.
Newly signed contracts for CONDOS and COOPS above the $1 million threshold expanded annually.
December 2023 Year-Over-Year Highlights
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COOPS
CONDOS
1-3 Family Homes (Townhouses)
Newly signed CONDO contracts grew above other property types for the first time since March 2022, aided by the drop in mortgage rates over the past month.
New listing inventory for all property types remained limited, declining annually for the seventeenth time in 18 months.
December 2023 Year-Over-Year Highlights?
COOPS
CONDOS
1-3 Family Homes
Q4?2023?Brooklyn, Queens, and Riverdale Sales
Listing inventory in Brooklyn reached a nearly 6-year low as bidding wars persisted. Median sales price slipped annually for the third consecutive quarter. Sales declined annually for the sixth consecutive quarter as listing inventory declined for the seventh. While the bidding war market share fell year-over-year, it included nearly 1 in 5 sales.
Listing inventory reached a nearly 3-year low in Queens?as bidding wars market share accounted for nearly 1 in 5 sales. ?Median sales price declined year-over-year for the fifth straight quarter. Sales declined annually for the sixth time as listing inventory declined for the fourth time in 5 quarters. While the bidding war market share fell year-over-year, it included nearly 1?in 5 sales.
Despite declining inventory in Riverdale,?which includes Fieldston, Hudson Hill, North Riverdale, and Spuyten Duyvil, sales rose annually for the first time in 6?quarters. Median sales price fell year-over-year for the third consecutive quarter as the pace of the market remained one of the fastest on record.
December 2023?Manhattan, Brooklyn & Queens Rental Market
The median rent in Manhattan stabilized as new lease signings rose year-over-year. The vacancy rate returned above the 3% threshold to its highest level since July 2021. Doorman median rent slipped yearly, while non-doorman median rent increased over the same period. Rental price per square foot for new developments surged year-over-year to return above the $100 threshold. Luxury price per square foot year edged higher year-over-year but was short of the prior month’s record while luxury listing inventory rose annually for the fourth time.
The median rent in Brooklyn rose year-over-year for the twenty-fourth time but slipped for the fourth time in 5 months from the record set in July. New lease signings doubled year-over-year and remained more than double the decade average for the month. Listing inventory expanded annually for the fourth straight month.
The median rent in Northwest Queens and new lease signings surged year-over-year at the highest rate in 21 months. Listing inventory rose year-over-year for the fourth straight month.
If you are interested in buying or selling properties in NYC, I would be happy to help. Feel free to reach out directly if you have any questions.
Wondering About Your Home's Value? Then try our?value estimation tool, Discover the Value of Your Home. Keep?in mind that these?models may?have wide?swings, and never replace the property-specific valuation that our team?offers.