The Market Report: June 2024

Memorial Day this past week kicked off summer in the city, as well as a lot of weekends away for many New Yorkers. If you’re shopping for property or even considering, these incoming summer months can offer great opportunities – as we’ve seen month-over-month increases in overall inventory, while many fellow buyers may dial down the frequency of their searches in lieu of summer months’ distractions. Manhattan offered more than a 10% increase in inventory since spring with Brooklyn also showing notable increases – not a win in historical averages, as we still remain low, but a win in general for buyers who are willing to stick out the summer months.

 

The luxury market at and above $4M has continued to represent a strong sector of the market, with continued contracts signed; and this upcoming month will likely continue. July and August contracts-signed figures will reflect just how active buyers in that market were in the early summer. Contracts signed over the next 4-6 weeks are solidly existing buyers who have been on the hunt and now moved on a property.

 

We feel there are some notable purchasing opportunities to point this summer for buyers who want to get engaged, and even for discussions some may want to have with family or friends outside the city who are considering a city purchase. Spending some time in the city this summer could pay off.

 

Two very different sectors but both presenting opportunities are the corridors of Second and First Avenues on the Upper East Side and Fourth Avenue and Gowanus in Brooklyn. There are a significant amount of new developments underway in both, presenting themselves adjacent to traditionally historic neighborhoods, flanking Central Park and Prospect Park. Developments in both in recent years have raised the bar on layouts, materials and finishes, standing above their older siblings from 10-15 years ago. Both corridors offer elevated product, where developers used to be able to turn out something mediocre and attract buyers. Now the bar is raised, with quality options.

 

On the same note, many buildings that were built and came to market 15 years ago have units that are coming to market, competing with brand new developments. These can be great opportunities for the buyers who aren’t looking for turnkey product and have the desire and bandwidth for renovations. Some of those developments were lone islands at the time, needing to offer space to attract buyers. Now, they present a canvas – with potentially good layouts and views – to make their own.

 

Lastly, for the buyer who is at a life or financial stage where they are considering a pied-à-terre in the city, the summer months can be a nice time to shop. Depending on the needs for that buyer, a handful of neighborhoods stand out with options. Many of these present renovation opportunities as well, but they offer space with location options for the buyer who wants easy access to the city, cultural venues and dining options. The properties tend to be easy to see, many of the sellers also being pied-à-terre owners or frequently out for the summer. This might be the summer to shop this market off-season.

 

If you or someone close you know is considering a purchase in the city, now could be a great time to explore options. We noted just a few segments that stand out. Be sure to consult a knowledgeable, experienced agent for insight on what you might be looking for, and there’s a chance you may be in a new place before the end of the year.

 

We wish you a great start to your summer!