Your September 2024

NYC Market Snapshots are Here!

It’s October, so let’s talk about September.  And September seems to be doing exactly what September should be doing.  Traditionally, September is a strong month for new inventory, particularly the latter half of September, with signed contracts down as people are coming back from their summer vacations and looking to see what new offerings are hitting the market for the Fall. 

So, in Manhattan, we’re seeing an 8.2% increase in inventory month over month, but slightly down year over year.  Now, contracts signed are down 13.2% since August, but up 6% since last year.  And one thing to note in Manhattan, there is a pretty sizable increase in both median and average sales prices, both up over 20% since this time last month.  So it would appear the higher end of the market is doing fine, pulling these values up, whereas the entry level market, that is, anything in Manhattan under $1.5 million, may be a bit sluggish as its more affected by the higher interest rates.  

Brooklyn is telling a similar story when it comes to inventory and contracts signed.  Inventory is up almost 10% from August, down 6.2% since last September, and contracts signed are down 16% from last month, but slightly up 1.7% year over year.   So, time will tell but the inventory drought in Brooklyn we’ve seen for the last several months may finally be subsiding. 

And Queens, the value market we follow, is still incredibly anemic on all fronts.  Very little inventory coming on since August, just three additional units and contracts signed remains relatively flat, if slightly depressed.  As I’ve said in the past, interest rates tend to hit the value market harder, which would account for the increase in sales prices in Manhattan.  

Until next month. 

~J