July 2024 / Q2 2024 NYC Real Estate Review
I hope you find this July?2024 / Q2?2024?NYC Real Estate Review?useful and encourage you to share it with anyone who may find it interesting.
We saw some definite changes in the NYC real estate market this quarter:
CNBC has declared that?Manhattan is now a ‘buyer’s market’ as real estate prices fall and inventory rises?
Brick Underground notes that?Manhattan co-op and condo deals increase for the first time in two years?
Jonathan Miller's Housing Notes observes that?Buyers and Sellers Are Losing Their Resolve To Stay Put?
Regards,
July 2024?/ Q1?2024?NYC?Real?Estate?Review
Q2?2024?Manhattan Sales
Mortgage-related sales in Manhattan?exceeded cash sales for the first time in 2 years.?Sales rebounded year-over-year for the first time since mortgage rates began their ascent, accelerating the market pace.?Listing inventory rose annually for the first time in 5 quarters, rising above the second-quarter decade average.?While median sales price slipped nominally year-over-year, it was the second highest level in 2 years.?New development sales, prices, and listings expanded for the first time in a while.?Luxury listing inventory rose year-over-year for the second time after 3 quarters of declines.
Newly signed contracts for all 3?property types combined fell year-over-year for the third time in 4 months. Newly signed contracts for the 1-3 family market subset were the only type to see annual increases. New listings fell annually for the first time in 3 months.
June 2024?Year-Over-Year Highlights
COOPS
CONDOS
1-3 Family Homes (Townhouses)
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Newly signed contracts for all 3 property types combined increased annually for the third consecutive month. New listings increased year-over-year for the first time in 4 months, potentially enabling more sales in the fall.
June 2024?Year-Over-Year Highlights
COOPS
CONDOS
1-3 Family Homes
Q2?2024?Brooklyn?Sales
Median sales in Brooklyn?rose to a new high as sales continued to decline. Listing inventory increased annually for the first time in 9 quarters. CONDO?median sales price rose to the highest on record, exceeding the $1 million threshold for the first time as COOP price trend indicators declined year-over-year for the fourth time.
June?2024?Manhattan, Brooklyn & Queens Rental Market
Listing discounts in Manhattan represented a premium for the fourth time in 5?months as bidding wars set a new high.?The median sales price was unchanged year-over-year, remaining tied for the highest June on record.?New lease signings reached their second-highest level for June as listing inventory rose to its third-highest for June.?Days on market and listing discount were at their lowest levels on record.?New lease signings of non-doorman apartments rose at nearly 7?times the annual increase of doorman leases.?Market-wide, the average size of a leased apartment fell sharply for both new development and existing rentals.?Luxury price trend indicators fell annually largely due to the sharp drop in average leased square footage.
Prices in Brooklyn set new records for June as new lease signings reached their second-highest point.?Listing inventory rose to its second-highest June on record, enabling more lease signings.
Prices in Northwest Queens declined annually as new lease signings surged to their second-highest level. New lease signings increased to their second-highest level on record as listing inventory rose to its second-highest June on record.
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