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Good Morning!

In this month's edition of my market update I have included: i) events in and around New York City during the month of April (see Inbox Concierge below), ii) an update on Brooklyn apartment and townhouse new listings and contract signings, iii) our March report on Manhattan inventory and iv) various articles I hope you'll find of interest. Click the images below for more details.

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
#1 Top Agent - BHS Park Slope 2021
Top 5 Agent - BHS Brooklyn 2020, 2021 
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 curated events in and around New York City during the month of April.
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Brooklyn New Listings and Contract Signings
While Brooklyn has seen more inventory entering the Spring market, much of that inventory is being absorbed by strong demand.  I'm still seeing bidding wars across various parts of Brooklyn and for particular property types.  Bidding has been extremely aggressive in many cases, with properties going significantly over asking price within the first week of launch.  The level of bidding and demand can vary by neighborhood, but generally speaking, the Brooklyn market continues to be quite strong.

In March, apartment new listings of 990 represents a decline by 28 or 2.8% on a year-over-year basis and an increase by 205 units or 26.1% as compared to February Much of those new listings were effectively absorbed by contract signings, which equaled 667 for the month. That represents a increase of 6.9% on a year-over-year basis and 35% on a month over month basis. Contract signings as a percentage of new listings equaled 67.4% in the month of March. That is an increase of 9.9% on a year-over-year basis and 7.1% on a month over month basis.

With respect to Brooklyn townhomes, March new listings of 565 represents an increase of 140 or 32.9% on a year-over-year basis and an increase of 130 or 29.9% as compared to February As with apartments, much of those new listings were effectively absorbed by contract signings, which equaled 319 for the month. That represents an increase of 98.1% on a year-over-year basis and 138.1% on a month over month basis. Contract signings as a percentage of new listings equaled 56.5% in the month of March. That is an increase by of 49% on a year-over-year basis and 83.3% on a month over month basis.

Additionally, for contract signed properties in the month of March, days on market fell from 109 to 72 days year-over-year and townhomes fell from 101 to 89 days year-over-year.
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Manhattan Inventory Report
Manhattan had a 4.6-month supply of apartments for sale at the beginning of March, up 13% from last month. The increase in supply is typical for this time of year, as properties are listed for the start of the spring market. Condo inventory rose 12% from last month to a 5.1-month supply, while coops climbed 14% to 4.3 months of supply. The West Side was the tightest market at the beginning of March, with just a 3.5-month supply of apartments for sale
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Housing Inventory
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Top Home Updates That Payoff
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Wall Street’s 2021 Bonuses Set a New Record
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How a punch list works when you buy in a new development
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Summer Season Is in Sight as Luna Park Preps to Reopen This Weekend
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Brooklyn's first super tall tower at 93 stories, including the world's highest basketball court and dog run
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Where are rates today?