'Tis the Season
Unsurprisingly, November did not bring an influx of inventory to our Manhattan and Brooklyn markets. As is typical when we enter the holiday season, we saw inventory move downward across both boroughs. New will-be sellers hold off releasing their properties to market until after the holidays, and some existing sellers become motivated to make a deal. The current average time on the market for listings in Manhattan is about six months and just under five in Brooklyn. Seller fatigue can inspire decision-making in some negotiations.
These holiday weeks tend to have intermittent spurts of buyer activity, even more so this year as the month started off with the election week. Mortgage interest rates also showed volatility, particularly affecting first-time home buyers’ purchasing power and their motivation to make decisions.
Data on results of buyer activity from this past month will take several weeks to assess, but anecdotally we saw an uptick in property showing requests and buyer inquiries on listings. The week of and leading up to the election in contrast were slow. But buyers seemed to shake off the jitters quickly.
For the buyers that are out now and active have an opportunity to capitalize on some lingering inventory. Many sellers who are considering price reductions will wait to make the decrease until after the holiday. So, if negation is on their mind, now can be a prime opportunity before other sidelined buyers jump back in after the new year. That end of year activity is often a win-win for both parties.
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The Numbers
Manhattan Market Activity
Highlighting our market's past 30 days.
Brooklyn Market Activity
Highlighting our market's past 30 days.
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The Properties
Our month's featured listings on the market.
Park Slope / Brooklyn
Townhouse
8 Beds / 3 Baths
$3,500,000
Central Harlem / Manhattan
Condo Development
1 Bed Units
Various Layouts and Price Points
Prospect Heights / Brooklyn
Townhouse
9 Beds / 5 Baths
$5,000,000
East Harlem / Manhattan
Condo
1 Bed / 1 Bath
$545,000
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The Pick
From the cool and eccentric to reserved and irreverent -
Our month’s pick of what's happening in New York City.
If you haven't already, you should:
Bronx Zoo Holiday Lights
Let this immersive experience of light, color and ice cravings get you in the spirit.
Now through January 5, 2025
2300 Southern Boulevard
The Bronx, NY 10460
