Welcome to November!
I hope everyone enjoyed today's NYC Marathon and an extra hour of sleep!
We appear be in a market of haves and have-nots, with certain properties still seeing bidding wars and others sitting on the market with price reductions. In a number of the markets I track, we've dipped from the strong seller's market seen most of the year, to more of a neutral market and for certain neighborhoods and property types, a buyer's market. It's difficult to generalize, because every property trades differently and has its own demand dynamics. Supply appears to be tapering off after the initial September surge and we're likely to see a decline as we head into year-end.
In this month's report, I've included events in and around New York City during the month of November (see Inbox Concierge below), our Q3 Brooklyn Market Report, our Oct 2022 Manhattan Inventory Report, our Weekly Open House Traffic Report and additional research and various articles I hope you'll find of interest. Click the images below for more details.
Have a great month and feel free to contact me at any time with questions or for real estate assistance.
All the Best,
Steve
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| Licensed Real Estate Salesperson |
#1 Top Agent - BHS Park Slope 2021 Top 5 Agent - BHS Brooklyn 2020, 2021 America’s Best Agents - RealTrends 2021, 2022 |
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|  NYC Events Click the image above for curated events in and around New York City during the month of November. |
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|  Brooklyn Q3 2022 Market As we’ve mentioned before, closed sales are a lagging indicator of the market, as several months or
more can pass between when a contract is signed and that sale closes. So, our quarterly reports aren’t
always reflective of current market conditions. This explains why the recent decline in signed contracts
had yet to be seen in closing data.
Our Third Quarter Brooklyn Report starts to show that slowdown in activity that began in May. The
number of apartment closings was 11% lower than a year ago, and prices were down sharply from the
record levels set in the second quarter of 2022. Despite economic headwinds, the Brooklyn market remains very
active as it adjusts to changes in economic conditions. |
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|  The Economy Job growth surges and the Fed raises rates by 75 basis points. |
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|  Manhattan Inventory Oct 2022 After falling for the last 3 months,
the supply of apartments for sale in
Manhattan climbed 30% to 5.8 months. October’s supply was 6.3 months for
condominiums, and 5.3 months for
cooperatives. Downtown between 14th and 34th Street
saw the tightest market, with a supply
of 4.7 months. |
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|  Open House Traffic Report - Week of Oct 24th to Oct 30th There were 1,531 Open Houses all of last week (fed from RLS).
This was down by 50% from last week.
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|  Mortgage Demand Slows Mortgage demand from homebuyers is now nearly half what it was a year ago |
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|  Home Ownership Study The NYS Comptroller has issued a report on homeownership rates in New York. |
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|  |  |  Interior Design Personalizing with Paint, Lighting and Music |
|  Licorice Pizza Tower Records returns with new NYC music space |
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