The Randy Baruh Team here with you November’s market report for Brooklyn and Manhattan.
Manhattan at a Glance:
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719 Contracts Signed
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125 Days on market
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6,475 Active listings
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$1,792 average price per square foot
Brooklyn at a Glance:
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279 Contracts Signed
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97 Days on market
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1,456 Active listings
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$1,122 average price per square foot
In November 2023, Manhattan witnessed a substantial decline in contract activity, as evidenced by the signing of 719 contracts—a 10% decrease from the same period last year and a noteworthy 14% drop from the previous month. This marks the lowest number of contracts signed in Manhattan for any November since 2008. The multifaceted downturn is attributed to a confluence of factors, including heightened interest rates, global events, and a more pronounced year-over-year decrease during the Thanksgiving period. Analysis of year-over-year changes in contract activity reveals a nuanced landscape, with residences priced between $2 million and $3 million, those exceeding $5 million, and properties in the Upper West Side and Financial District & Battery Park City showing an increase in contract signings compared to the previous year. In contrast, all other price points and submarkets experienced declines in year-over-year contract activity.
In November, Brooklyn witnessed a 5% year-over-year decline in sales, marking the 20th consecutive annual decrease. However, in a departure from typical seasonal patterns, sales rebounded by 5% compared to October, signaling a nuanced dynamic in the market. Notably, this year's decline, while part of the ongoing annual trend, is the second smallest in the past two decades. The broader market faced challenges reflected in a 5% year-over-year increase in days on the market, marking the tenth consecutive annual rise.South Brooklyn stood out with a remarkable 17% improvement compared to the previous year, driven by a surge in contracts exceeding $400,000 in Fort Hamilton and Sheepshead Bay. The $1.5 million to $2 million price segment experienced the most substantial yearly increase, rising by 15%, fueled by heightened contract signings in sought-after neighborhoods like Brooklyn Heights, Carroll Gardens, and Greenpoint.