May – 2024 Market Update

The LevinKong Team hopes you enjoyed the holiday weekend and the summer kickoff. In New York City, we welcome the warm weather and highly-anticipated outdoor activities synonymous with this season. We typically see a slowdown in the summer months. Still, with lower-than-normal inventory levels and a stunted beginning to our spring market, we expect an extended season, as buyers have been more active lately.

While the NYC market segmentation by property type, price point, and location is still very much a storyline, we see more consistent trends emerging across the Manhattan and Brooklyn markets. Both boroughs have experienced a net loss in inventory year over year, with modest gains from last month. At the same time, pending sales have increased 9.3% from the previous month and 14.4% in Manhattan, and there has been an impressive 18% improvement in Brooklyn year over year and 10.6% from last month.

Days on the market are also down in both markets. The median sales price market-wide is down 3.2% from last year in Manhattan and up 4% in Brooklyn. Six months of inventory represents a balanced market between buyers and sellers. There are currently 7.2 months of inventory in Manhattan (slightly skewed in favor of buyers) and 3.6% months of inventory in Brooklyn (a seller-favored market indication), where 19.7% of sales are occurring above the asking price.

Cash buyers are still incredibly prolific in our market, with approximately two-thirds of all transactions involving no upfront financing. Many of these trades involve baby boomer money, whether buying for themselves or their young professional children. As a result, the bottom and top of our market are outperforming the middle segments. Also, with much of our new development housing stock depleted, resale is seeing a bump. This has translated to more benefits for our co-op market than our condo market. Manhattan co-ops, priced less than comparable condo property, had a median sale price of $815,000 in the first quarter of 2024, up slightly from $799,000 in the same period last year. The average price per square foot last quarter grew 6.2 percent annually. The median sale price for condos – about $1.6 million — remained relatively flat in the first quarter compared to 2023. Still, the average price and price per square foot declined 7 and 8 percent year-over-year, respectively.

With the LevinKong Team by your side, you can confidently navigate the dynamic and intricate real estate market. Our decades of experience and data-driven, research-based approach are your best tools for success in this environment. We’re here to maximize your goals, protect your investments, and answer any questions you may have about the market or complex decisions.