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Good Morning!

The market continues to be strong for apartment sales in both Brooklyn and Manhattan with new listings and contract signings in October up from the prior month and days on market of contract signings down.

Here’s my update for November 2021, including recent market reports, articles and interesting events in and around New York City throughout the month. Enjoy and please let me know if you have any questions or need real estate assistance.

All the Best,
Steve

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Steven Segretta
Licensed Real Estate Salesperson
718-878-1889
Top 5 Agent - BHS Brooklyn 2020; 
America’s Best Agents - RealTrends 2021
ssegretta@bhsusa.com
View My BHS Web Page
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NYC Events
Click the image above for 30 curated events in and around New York City during the month of November.
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Featured Listing
New to Market.  Spacious, Park Slope 3 bedroom condo with charm and convenience at $1.295 million.  High ceilings, historic details, original fireplace mantel, and vintage pine flooring lend character and charm to this great apartment.
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Brooklyn Q3 2021 Market Report
The Brooklyn apartment market’s amazing run continued in the third quarter, as both prices and sales reached new highs—a great accomplishment just a year and half after the start of the pandemic. The average price crossed the $1 million mark for the first time, reaching a record $1,000,989. Although we won’t be completely sure until all the data is in, it appears that the number of sales also hit a new high in the third quarter. Brooklyn’s future also looks strong, as contract-signed activity remains at record levels for this time of the year. With all the borough has to offer we should have expected a quick recovery in Brooklyn, but I don’t know if many predicted it would be this strong this fast
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Manhattan Q3 2021 Market Report
The Manhattan residential market’s comeback accelerated in the third quarter, as the number of closings hit an eight-year high. Prices for resale apartments averaged $1,724,750, a 3% gain from the prior quarter, and 17% more than a year ago. Perhaps the best indicators of the current market are the sharp decline in both time on the market, and the discount off last asking price. The average days on the market fell 25% from a year ago to 117, while sellers received 97.4% of their last asking price, the highest percentage in almost four years. These figures tell us that prices have adjusted to meet the market, which in turn has brought more buyers to the table with serious offers. The biggest takeaway from this report is that the Manhattan market is back, to the point that most areas can now be characterized as a seller’s market. There is still value out there for buyers, but they need to be realistic when making offers or they may lose out on the home of their dreams.
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New Real Estate Developments Making their Mark in Brooklyn
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Most Storefront Rents in New York Are As High As Ever
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NYC house made of shipping containers sells for $5 million