Market Opportunity
With the whiplash pace of stock market and political changes over the last few months, it’s understandable that some buyers and sellers have become skeptical of the direction of New York City’s real estate market. But our city’s market has remained very resilient, with both Manhattan and Brooklyn seeing over a 13% year-over-year increase in sales last quarter. Inventory in general, though, still remains low across the boroughs as we move toward mid-year, despite month-over-month increases in Manhattan and Brooklyn. Low inventory poses a continued lack of options to meet demand. This trend is likely to continue for the foreseeable future.
Opportunity remains for both active buyers and sellers. We anticipate some buyers will decide to remain on the sidelines, and some sellers hold off with skepticism that the market will sway more favorable in the next 12 months. But for the committed buyer and seller, they are finding a fair market. As some buyers decide to sit the summer months out, active buyers will have the advantage of the increased inventory that came to market in the spring months.
We’ve seen opportunity before in the midst of market upheaval – the 2008 market downturn, Covid times, to name a few. Challenging times often present opportunities, which we feel we are in the midst of, and we feel that as in challenging times past, there will be consumers who take advantage of the opportunities that the challenges pose. There will be buyers who make it through these times well, and as markets cycle, they will have smiles on their faces in five years. So too, there will be some who sit on the sidelines and have regrets.
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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.
Chelsea / Manhattan
Condo
2 Beds / 2 Baths
$2,850,000
Boerum Hill / Brooklyn
Condo
3 Beds / 2 Baths
$2,700,000
Hudson Yards / Manhattan
Condo
2 Beds / 3 Baths
$4,600,000
Greenwood Heights / Brooklyn
Condo
4 Beds / 3 Baths
$2,800,000
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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:
Little Island
Explore the award-winning Little Island with over 100 performances and entertainment events now through summer.
At Pier 55 - Hudson River
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