blog.spiralny.com -
blog.spiralny.com -
About SPiRALNY

Manhattan Real Estate Market Report: Q4 2024

January 8, 2025by blog_spiralnyNo Comments

The Manhattan real estate market in the fourth quarter of 2024 displayed a complex mix of trends across various property segments, highlighting both opportunities and challenges. The market’s overall dynamics reflected a shift influenced by macroeconomic factors such as interest rates, consumer sentiment, and economic recovery. While price adjustments were evident in several areas, increased sales activity and tightening inventory levels signaled a gradual move toward balance. Each segment of the market—re-sale, new development, co-op, condo, and luxury—exhibited unique characteristics, underscoring the diversity and resilience of Manhattan’s real estate landscape.

Manhattan Market Overview

The median sales price decreased by 4.9% year-over-year to $1,100,000, indicating a softening in property values. The number of sales increased by 3.7% to 2,496, suggesting a rise in buyer activity despite declining prices. Listing inventory fell by 3.9% to 6,161, reflecting a tightening supply in the market. The months of supply decreased by 7.5% to 7.4 months, aligning with the ten-year average and indicating a balanced market.

Re-Sales Market

The average sales price for re-sale properties declined by 10.5% year-over-year to $1,720,614, while the median sales price decreased by 8.1% to $965,285. The number of closed sales in this segment rose slightly by 1.4% to 2,138, and listing inventory dropped by 8.1% to 4,970, suggesting increased buyer interest and reduced supply in the re-sale market.

New Development Market

The median sales price for new developments increased by 19.9% year-over-year to $2,427,500, indicating strong demand for new properties. However, the number of closed sales in this segment decreased by 10.3% to 358, and listing inventory rose by 14.7% to 1,191, suggesting a potential oversupply in the new development market.

Co-op Market

The median sales price for co-op properties decreased by 5.2% year-over-year to $850,000, while the number of closed sales increased by 2.3% to 1,200. Listing inventory for co-ops declined by 6.5% to 2,800, indicating a tightening supply in this segment.

Condo Market

The median sales price for condos decreased by 4.5% year-over-year to $1,500,000, and the number of closed sales increased by 5.1% to 1,296. Listing inventory for condos fell by 2.3% to 3,361, reflecting a tightening supply in the condo market.

Luxury Market

The median sales price in the luxury segment decreased by 7.8% year-over-year to $5,500,000, while the number of closed sales increased by 4.2% to 250. Listing inventory in this segment declined by 5.6% to 1,000, indicating a tightening supply in the luxury market.

Conclusion

In summary, the Manhattan market demonstrated resilience amidst fluctuating conditions. Declining prices across many segments provided an opening for buyers, while the rise in sales activity indicated a steady demand for properties. Inventory contractions across most categories pointed to a market edging toward equilibrium, even as new developments faced potential oversupply challenges. The luxury market, with its distinct dynamics, reflected the broader market’s trends of adjustment and adaptation. As Manhattan remains one of the world’s most desirable property markets, its ability to navigate these shifts reflects its enduring appeal and flexibility.

About SPiRALNY

Focused on providing a full-service real estate experience, SPiRALNY strives to answer the needs of clients with a sense of detail, care, and efficiency. Our agents work tirelessly to make the process of buying, selling, or renting seamless and exciting.

With an encouraging company culture, cutting-edge technology, and extensive training resources, SPiRALNY agents are destined for success.

About SPiRALNY, Tips for Agents

100% COMMISSION Agents Keep Entire Commission

October 14, 2024by blog_spiralnyNo Comments

100% Commission Brokerage. With years of experience in the New York City real estate market, SPiRALNY offers a unique opportunity with its 100% Commission Brokerage model, empowering agents to maximize their earnings while providing top-notch service to clients in all their needs.

Choosing the right broker as a new real estate professional can be overwhelming with so many options available. One model that stands out is the 100% commission brokerage, where agents keep their entire commission from a transaction. This model can offer significant financial benefits compared to traditional brokerages.

Why 100% Commission?

  • Full Earnings: Retain the entire commission from each deal.
  • Simple Fees: Watch for nominal flat fees or annual costs that might apply.
  • Traditional vs. 100% Commission
  • In a traditional brokerage, commissions are split (e.g., 70/30). For a $20,000 commission, you might keep $14,000. With 100% commission, you keep the full $20,000 (minus any small fees).

Is It Right for You?

Explore the benefits and see if a 100% commission brokerage aligns with your career goals. Contact us today to learn more and take the first step toward maximizing your earnings.

Join Today
About SPiRALNY, Tips for Agents

Manhattan Real Estate Market Report: Q3 2024

October 7, 2024by blog_spiralnyNo Comments

This analysis of the Manhattan real estate market for September and Q3 2024 focuses on key trends in the co-op, condo, and 1-3 family home segments, along with an in-depth look at the luxury market. Drawing on data from the Elliman Reports, the findings provide insights into contract signings, new listings, and price trends across different price brackets. The market saw varied performance, with some segments experiencing robust growth, particularly in higher-end condo sales, while others, such as co-ops and certain price ranges, faced declines. Additionally, the luxury market’s performance, marked by rising prices but softer median sales, highlights nuanced buyer behavior amid fluctuating inventory and market dynamics.

Continue reading
About SPiRALNY, SPiRALNY Client Exclusives, Tips for Agents

SPiRALNY A 100% Commission Brokerage

July 1, 2024by blog_spiralnyNo Comments

The Comprehensive SPiRALNY Guide For Agents

Entering the world of real estate as a professional can be both exciting and daunting. The dynamic landscape offers numerous possibilities, but the thought of choosing a broker can be daunting. There are so many choices out there ranging from a team structure, to an independent company or even a national franchise – there are no shortage of options.

Continue reading
About SPiRALNY

5 Key Differences Between 100% Commissions and Traditional Commissions

June 25, 2024by blog_spiralnyNo Comments

Navigating the world of sales compensation can be complex, especially when deciding between 100% commissions and traditional commissions. At SpiralNY, we believe that understanding these structures is crucial for optimizing performance and achieving financial success. This article will provide a detailed comparison to help you make an informed choice tailored to your goals. Whether you’re an employer looking to motivate your team or a salesperson aiming for higher earnings, this guide will clarify the pros and cons of each model, pointing out why SpiralNY is the ideal partner in your journey.

Continue reading
Page 1 of 3 123»

Popular Posts

SPiRALNY Tips for Successful Real Estate Agents

SPiRALNY Tips for Successful Real Estate Agents

March 26, 2020
5  Reasons to Work With a SPiRALNY Agent

5 Reasons to Work With a SPiRALNY Agent

What is SPiRALNY Company Culture Like?

What is SPiRALNY Company Culture Like?

Recent Posts

The Future of Retail Spaces: Madison Avenue’s Leasing Boom Explained

The Future of Retail Spaces: Madison Avenue’s Leasing Boom Explained

February 26, 2025
How Remote Work Continues to Influence NYC’s Housing Preferences

How Remote Work Continues to Influence NYC’s Housing Preferences

The Role of AI in Transforming NYC’s Real Estate Landscape

The Role of AI in Transforming NYC’s Real Estate Landscape

ABOUT

info@SPiRALNY.com
212-381-0596
575 Fifth Ave, Floor 14 New York, NY 10017

RECENT POST

The Future of Retail Spaces: Madison Avenue’s Leasing Boom Explained

The Future of Retail Spaces: Madison Avenue’s Leasing Boom Explained

CATEGORIES

  • About SPiRALNY
  • SPiRALNY Client Exclusives
  • Tips for Agents
©SPiRALNY | All right reserved