March 2023 Real Estate Review - NYC Edition
I hope you find this March 2023 Real Estate Review - NYC Edition?useful and encourage you to share it with anyone who may find it interesting.
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I would be remiss if I didn't begin by thanking our clients, colleagues and friends for enabling us to have an amazing 2022. We genuinely appreciate the trust you have placed in us and continue to work to earn it every day!
Now for the March data:
Rising interest rates and a declining stock market have made navigating the real estate market more challenging, but we continue to find opportunities for buyers and sellers who want or need to complete transactions.?
Brick Underground:?
March 2023 Real?Estate?Review- NYC Edition
The?Ekroth Fishkind Margolin Team?is a collaboration between dedicated agents who utilize our individual skills to form a multi-faceted real estate consultancy.
Manhattan New Signed Contracts
(Click any chart/graph to enlarge / download)
The number of newly signed contracts surged monthly as new listings expanded for the second month.
February 2023 Year-Over-Year Highlights
COOPS
CONDOS
1-3 Family Homes (Townhouses)
?Brooklyn New Signed Contracts
(Click any chart/graph to enlarge / download)
The number of newly signed contracts surged monthly as new listings declined for the fourth time in 5 months.?
February 2023 Year-Over-Year Highlights?
COOPS
领英推荐
CONDOS
1-3 Family Matrix
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February 2023 Manhattan, Brooklyn & Queens Rentals
Manhattan's?rental prices have continued to move sideways since peaking in the summer as new leasing expanded sharply.?Net effective median rent rose annually for the eighteenth month to the highest February on record.?Listing inventory fell month-over-month at a much higher rate than the February decade average.?Non-doorman price trend indicators continued to see a higher year-over-year increase than doorman price trend indicators.?Luxury median rent remained at the third highest on record, and?premiums paid over the landlord ask was nearly 20%.?Luxury listing inventory has expanded from last year’s record low but remains below pre-pandemic levels.
Rents in?Brooklyn?fell from record and near-record levels last month as new lease signings surged.?Net effective median rent rose to the highest February on record.?New lease signings increased annually for the first time in 5 months.?Bidding war market share has remained at about 1 in 5 new leases over the past year.
Average and median rents in?Northwest Queens?rose annually to the highest February on record.?The market share of two-year leases reached an all-time high as new?leases reached their second-highest level for a February on record.
The Real Deal:?NYC leases surge as rent notches February record
Mansion Global:?Manhattan Rents Soar to February Record
Brick Underground:?Gap widens between Manhattan and Brooklyn median rents as demand for luxury rentals surges
Thinking About Selling? ~ Wondering About Home Value?
Are you considering selling your home, but are unsure of current market conditions and/or the process of getting a home ready for sale. Our team is happy to consult with you to answer questions or provide you with a customized valuation. Douglas Elliman provides?a?Seller's Guide for New York City.?
Are you curious about the value of your home? If you are not ready for our customized valuation,?then try our?value estimation tool,?What is Your Home Worth?? Keep?in mind that these?models may?have wide?swings, and never replace the custom valuation that our team?offers.
Thinking About Buying?
Are you ready to join the ranks of homeowners in NYC?
Thinking about?upgrading to a larger home?
Douglas Elliman offers a?Buyer's Guide for New York City.?