October – 2023 Market Update

The LevinKong Team hopes you are well and enjoying this beautiful Fall weather. As October closes, we expect a relatively strong finish to the year. November is a month in which we celebrate family, express our gratitude, and give back to the communities in which we live. As a team, we genuinely appreciate our role in the New York City community and strive to be positive, supportive, and charitably minded. We are also incredibly grateful for our clients who put their trust in us this year.

New York’s weather has been up and down. We’ve also been experiencing the same in the real estate market. Specific properties garner multiple offers as soon as they hit the market, and others seem to be getting punished. Lower price points and the luxury market are currently enjoying more rewards than our middle market inventory. With a limited yet sophisticated buyer pool, quality, and turnkey are the preferred targets. Prime locations are also faring considerably better as well.

Pending sales, the best overall indicator of the market’s health, is flat month-over-month in Brooklyn and Manhattan. However, we are up 26.2% in Manhattan and 22% in Brooklyn from this time last year. That is a considerable improvement and speaks to the savviness of a buyer pool that understands that the market conditions are generally in their favor. At the same time, supply is down 5% in Manhattan and down 10% in Brooklyn year-over-year. This dichotomy has kept average price-per-square-foot numbers pretty steady in both markets. That being said, vulnerable property is often met with substantial discounts. It comes down to objectives and strategy to take advantage of the market dynamics.

There are many ways to make this dynamic and intricate market work in your favor. More than ever, a data-driven, research-based approach rooted in decades of experience will equip our clients to thrive in this environment. Please stay safe and let us know if we can answer any questions you may have about the market or how best to navigate complicated decisions.