May 2024 Real Estate Review - NYC Edition

I hope you find this May?2024?Real Estate Review - NYC Edition?useful and encourage you to share it with anyone who may find it interesting.

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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

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While mortgage rates remain a key topic in any conversation about Manhattan's real estate market, our team has observed a significant uptick in first-time apartment buyers over the past 6 months. Excitingly, there's a range of programs tailored for properties under $2 million, offering lower rates and assistance with closing costs through both bank-specific and New York State options. It's worth noting that some of these programs have income restrictions, but they provide a vital opportunity for buyers who might not typically qualify, making the dream of Manhattan homeownership more attainable.?

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Also,?Fed Chair Powell says inflation has been higher than thought, expects rates to hold steady

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Regards,

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Andrew

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Manhattan New Signed Contracts

The total number of newly signed contracts for the 3 property types rose annually for the fourth time in five months. Above the $1 million threshold, the pattern was the same. New inventory growth expanded for the second time in 3 months, providing the potential to enable more sales

April 2024 Year-Over-Year Highlights

COOPS

• Signed Contracts decreased?4.9%
• New Listings decreased?2.3%

CONDOS

• Signed Contracts increased?12.2%
• New Listings increased?3.7%

1-3 Family Homes (Townhouses)

• Signed Contracts decreased?8.3%
• New Listings decreased?5.2%

Brooklyn New Signed Contracts

The number of newly signed contracts for the 3 property types rose annually for the third time in 4 months. Above the $1 million threshold, newly signed contracts expanded for the fourth time. New inventory growth has decreased for the fourth time in 5 months.

April 2024 Year-Over-Year Highlights?

COOPS

• Signed Contracts?decreased?4.7%
• New Listings?increased?1.8%?

CONDOS

• Signed Contracts?increased?1.9%
• New Listings?decreased?6.7%

1-3 Family Matrix

• Signed Contracts?increased?43.7%
• New Listings?decreased?10.5%

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April 2024?Manhattan, Brooklyn & Queens Rentals

In Manhattan, median rent edged higher year-over-year for the third time in 4 months?to the highest April on record.?New lease signings surged annually,?and April was?the second-highest on record—the lowest listing discount for April, reflecting a premium.?Doorman median rent increased year-over-year at a higher rate than non-doorman rent. Median rent for new developments continued to rise at a higher annual rate than existing rentals.?Luxury price per square foot increased annually for the second time in 3 months as luxury listing inventory has been expanding since last September.

Median and net effective median rent in?Brooklyn?rose year-over-year to the highest April on record.?New lease signings surged annually to the second-highest level on record as listing inventory expanded to the second-highest April on record.?

New lease signings for?Northwest Queens?expanded annually for the second time in 3 months.?Both median and net effective median rent declined year-over-year as new lease signings surged annually to the second-highest level on record.

April 2024?Manhattan, Brooklyn & Queens Rental Report

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