Image
Good Afternoon!

This month's edition of my market update includes: events in and around New York City during the month of May (see Inbox Concierge below), our Q1 2022 Market Reports for Brooklyn and Manhattan, and 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

Image
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
Image
NYC Events
Click the image above for curated events in and around New York City during the month of May.
Image
Brooklyn Q1 2022 Market Report
The average Brooklyn apartment price was down slightly from the prior quarter, but 5% higher than a year ago. Condos led price increases over the past year, as their average price per square foot rose 8% to a record $1,046. The new development market was a major reason for this increase, as their average price was up 14% from 2021’s first quarter.

Sales volume remained strong, with 22% more closings reported than a year ago. Expect the number of closings to continue rising, as the number of signed contracts in 1Q22 was 5% higher than a year ago, and the most ever in the first quarter of a year.

With economic growth and hiring expected to rise sharply in New York City this year, demand for Brooklyn apartments should remain at high levels. While still low by historical standards, rising interest rates will present a challenge to the market.
Image
Manhattan Q1 2022 Market Report
The Manhattan residential market remained hot in 2022’s first quarter, with closings 44% higher than a year ago. Most price indicators were up sharply from the first quarter of 2021, which was the market’s low point after the start of COVID-19. 

Although 20% higher than a year ago, the average resale price was down from the fourth quarter of 2021. This can be attributed in part to a decline in ultra-high-end condo resales. Co-ops fared better compared to the prior quarter, as their average price was 2% higher than 4Q21.

Buyers had to move fast in the first quarter, with apartments spending an average of 102 days on the market. That was 28% less time than a year ago, and the lowest figure since 3Q18. The market continued to favor sellers, who received the highest percentage of their last asking price since 2017’s third quarter.

While it would be hard for the market to repeat what it accomplished last year, 2022 has started strong. Signed contracts in the first quarter were up from a year ago, which bodes well for second-quarter closings. Limited inventory has brought prices up sharply from their bottom a year ago, but not compared to the pre-COVID market. In fact, the average resale apartment price in 1Q22 was just 1% higher than the second quarter of 2018.

As the city’s economy continues to recover—which should be helped by the $45 billion in Wall Street bonuses last year—demand for apartments will remain strong, even as mortgage rates trend higher. With inventory still at low levels, sellers remain in charge, but should be careful not to push prices too much.
Image
U.S. Economy Shrinks in First Quarter of 2022
Image
$900 Million Investment in Traffic Safety
Image
NYC Aims to Keep Outdoor Lifestyle Post-Virus
Image
13 Amazing Hidden Streets in NYC to Visit Right Now
Image
60+ Concerts are coming to The Rooftop at Pier 17 this Summer
Image
Prospect Park Carousel Reopens For The Season