The Randy Baruh Team here with you October's market report for Brooklyn and Manhattan. We are seeing contract activity and days on market figures improve compared to a year ago in Manhattan and an increase in month-over-month increase than the seasonal norm over the bridge in Brooklyn.
Manhattan at a Glance:
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- 838 Contracts Signed
- 125 Days on market
- 7,254 Active listings
- $1,699 average price per square foot
Brooklyn at a Glance:
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- 266 Contracts Signed
- 105 Days on market
- 1,690 Active listings
- $1,117 average price per square foot
At the close of October, Manhattan’s contract activity saw a 3% decline, however the overall market-wide listed inventory remained historically high, standing 2% above its 10-year October average. The decline in year-over-year numbers can be attributed to a scarcity of new listings and minimal new development openings, as sellers remain cautious about relinquishing their homes with favorable mortgage rates. The average price per square foot fell for the ninth time in 12 months, experiencing a 6% annual decrease to $1,699. This represents a 15% decline from its post-pandemic peak of $1,998 per square foot in July 2021. Discounts deepened, averaging 5.0% off the last asking price, indicating a 2% increase from a year ago, relating to prices declining as negotiability deepens.
In October, Brooklyn contract activity saw a 6% year-over-year decline, marking the nineteenth consecutive annual decrease. Despite this, it's worth noting that this reduction is the smallest among the past nineteen months, with this year's 41% jump surpassing the increases observed in the last five years. Notably, half of the submarkets experienced heightened activity compared to September, with the majority showing double-digit increases. South Brooklyn exhibited the most significant increase, rising by 63% (26 additional sales).The $2M to $3M price segment was the sole category with an annual increase, up by 40% (8 additional sales), thanks to heightened sales in Williamsburg and Dumbo. Despite an overall decline in sales under $1M by 10%, this category continued to dominate with the largest share of contracts at 59%.
Stay tuned for more updates on the ever-evolving New York real estate landscape.