December Newsletter

As the holiday season is in full swing, we hope you're finding time to enjoy the festive spirit while wrapping up a busy year. November brought a mix of challenges and opportunities in the Manhattan and Brooklyn markets, offering plenty to consider as we look ahead to 2024.

In both boroughs, activity cooled, with Manhattan contracts down 18.22% and new listings dropping a sharp 44.90%, while Brooklyn saw contracts decline 25.06% and new listings fall 33.16%. Despite fewer deals being signed, prices remained strong. Manhattan’s average price rose 11.97%, while Brooklyn’s climbed 4.54%, driven by steady demand and tight inventory.

Manhattan’s new developments stood out with a stunning 114.51% surge in average prices, even as contracts dipped. Brooklyn’s new developments showed resilience, with the price per square foot increasing slightly despite softer overall activity. In the luxury market, Manhattan saw stable activity and pricing, while Brooklyn faced slower sales but a notable 13.09% jump in average prices.

Resale condos and co-ops followed a similar pattern in both boroughs, with transactions slowing but prices climbing. Manhattan co-ops saw the largest gains, with a 22.11% price increase, while Brooklyn condos rose 5.95%. Limited inventory across all segments continues to drive pricing, creating a potential advantage for sellers.

As we approach the new year, both buyers and sellers should keep an eye on these trends. Tight inventory and resilient pricing suggest a competitive market ahead, making this a great time to plan your next moves in real estate.

 Wishing you a joyful holiday season and a successful close to 2024!

Yours
Daniel

• Location: The Tate Residences, located on Claymore Road in District 9, is a freehold condominium celebrated for its exclusivity and prime location. This development, completed in 2009, comprises 85 units and offers residents a serene environment while being just steps away from the vibrant Orchard Road.
• Unparalleled Team: As our network continues to grow in Southeast Asia, The partners are eager to introduce Christie’s International Real Estate brand to Singapore, one of Asia’s most in-demand high-end property markets
• Discerning Lifestyle: Living at The Tate Residences is a vivid celebration of the finer things in life, blending quiet luxury with urban convenience.

December is here, and the city is buzzing with holiday cheer! From dazzling lights to festive vibes, NYC knows how to celebrate. Stroll through one of the many holiday markets packed with unique gifts, delicious treats, and plenty of holiday magic.

Feeling extra festive? Catch a breathtaking performance of The Nutcracker or raise a glass at one of the city’s lively holiday pop-up bars—because nothing says “holidays” like cocktails with a side of glitter.