The net effective median rent in Manhattan rose annually to a new high at the largest rate on record. The month saw the most significant annual decline in listing inventory on record and the vacancy rate remained under two percent for the fifth consecutive month. Doorman's net effective median rent surged annually at a record rate for the eighth time in nine months and non-doorman rent rose by a record rate that was higher than for doorman rent over the past two months. Luxury median rent and luxury net effective median rent rose year over year to their second-highest levels. Bidding wars accounted for more than one-third of all luxury rentals. Luxury landlord market share of concessions fell to the lowest on record for the third straight month.
The net effective median rent in Brooklyn increased year over year to the third-highest level on record at a rising rate for the past six months. Landlord concession market share fell to its second-lowest level in four and a half years. New lease signings reached the second-highest level for the month of April on record.
In Northwest Queens, net effective median rent increased year over year at the second-largest rate to the highest level on record. Listing inventory collapsed annually for the fifth consecutive quarter. Landlord concession market share fell to its second-lowest level in five and a half years.
The net effective median rent in Manhattan rose to the highest on record but with a deceleration in the annual growth rate. The vacancy rate remained below two percent for the fourth consecutive month. New leasing volume surged from February but fell annually for the sixth successive month. Bidding wars accounted for one in five new lease signings. Doorman's net effective median rent surged yearly for the ninth straight month to the highest level on record. Non-doorman rent increased at a higher annual rate than doorman rent for the first time in fifteen months. Luxury price trend indicators rose to their third-highest levels on record and were well above pre-pandemic levels. Luxury listing inventory dropped to its lowest March level in six years of tracking.
The net effective median rent in Brooklyn exceeded pre-pandemic levels for the first time, while new lease signings rose annually for the first time in three months. Listing inventory fell year over year by more than eighty percent for the fourth consecutive month.
In Northwest Queens, new lease signings surged annually for the twelfth consecutive month as new lease signings reached their highest level for March in at least a decade. Net effective median rent rose yearly for the seventh successive month. Listing inventory fell year over year by more than seventy percent for the fourth straight month.
Low listing inventory in Brooklyn has kept the record pricing pattern going. The first quarter saw the highest number of sales since 2006 after six consecutive quarters of annual increases. The market share of sales above $1 million rose to a record level. Median sales price reached a new record in the past eight quarters for the seventh time.
Record prices in Queens continue to define the borough’s housing market. There was the highest number of first-quarter sales since 2007 after five consecutive quarters of annual increases. Listing inventory fell year over year for the third successive quarter. Median sales price reached a new record for the fifth time in the past six quarters.
Record prices in Queens continue to define the borough’s housing market. There was the highest number of first-quarter sales since 2007 after five consecutive quarters of annual increases. Listing inventory fell year over year for the third successive quarter. Median sales price reached a new record for the fifth time in the past six quarters.
In Riverdale, which includes Fieldston, Hudson Hill, North Riverdale, and Spuyten Duyvil, overall price and sales trends continued to press higher. The number of sales increased annually for the fifth consecutive quarter. The median sales price last declined year over year in the third quarter of 2020. Listing inventory increased year over year for the sixth time in seven quarters.
Sales in Manhattan continued on a tear, setting records for the third straight quarter as the market catches up with the region. The quarter saw the highest number of sales for a first quarter in thirty-three years of tracking. Overall price trend indicators were higher than in the same period before the pandemic. Bidding war market share rose to the highest level in four years for the fourth straight quarter. Co-op median sales price posted significant annual gains for the fifth consecutive quarter and was higher than pre-pandemic levels. Condo sales were up by more than fifty percent annually to reach the most first-quarter sales in fifteen years of tracking. Luxury listing inventory fell annually for the third straight quarter and remained below pre-pandemic levels. The luxury market saw the second-highest market share of bidding wars in five years of tracking. New development price trend indicators continued to remain well below pre-pandemic levels. New development sales were nearly double year-ago levels, the fourth straight quarter of significant annual increases.
In Northern Manhattan, sales rose much faster than listing inventory resulting in the continuation of a fast-paced market. For co-ops and condos, median sales price rose year over year for the fourth quarter but fell short of pre-pandemic. Sales nearly doubled from the prior-year quarter and were more than double pre-pandemic levels. For townhouses, the average sales size continued to fall after peaking at the end of 2020, skewing price trend indicators lower. Falling months of supply suggested the fastest market pace in more than a year and much quicker than pre-pandemic.
Price trend indicators in Manhattan rose to record levels by record rates as listing inventory continued to collapse. The market share of rental bidding wars rose year over year from nominal levels to nearly one out of five new lease signings. Net effective median rent and all the face rent price trend indicators rose to their highest levels on record. The vacancy rate fell to its lowest level for the month of February since 2008. Listing inventory fell year over year by its fastest rate on record. Doorman’s net effective median rent surged year over year for the seventh straight month by a record rate. Non-doorman net effective median rent jumped annually at a record rate for the second straight month for the fifth consecutive month of gains. All luxury price trend indicators reached new records after more than a decade of tracking while luxury listing inventory fell to a record low for the third straight month.
All price trend indicators in Brooklyn rose annually but fell short of pre-pandemic levels. Net effective median reached the third-highest level for a February in a dozen years. New lease signings rose to the second-highest February since tracking began in 2008 as listing inventory fell year over year by the second-highest rate on record.
In Northwest Queens, price trend indicators rose annually as listing inventory continued to plunge. Net effective median rent rose to its second-highest level for the month of February as the number of new leases increased to the second-highest on record. Listing inventory fell year over year by the second-highest rate on record.
A low vacancy rate combined with a rapid drop in listing inventory led to record prices in Manhattan. Net effective median rent increased annually at its highest rate to the second-highest January ever recorded. Listing inventory fell year over year at a record rate for the sixth straight month, and the vacancy rate fell below pre-pandemic levels for the second consecutive month. Doorman median rent surged year over year for the sixth straight month at a record rate, and non-doorman rent jumped annually at a record rate but remained below pre-pandemic levels. Luxury average rent rose to the highest level in more than eleven years, and luxury listing inventory fell to the lowest in six and a half years of tracking. The luxury landlord market share of concessions dropped by half before the pandemic began.
Against the backdrop of a sharp decline in listing inventory, heavy leasing volume in Brooklyn led to rapid rental price gains. As a result, listing inventory fell year over year by the highest rate on record. New lease signings rose to the second-highest January since tracking began in 2008. It follows that net effective median rent rose year over year at the third-highest rate for the month of December.
In Northwest Queens, record January leasing volume and a rapid decline in listing inventory resulted in a surge in rental price gains. Subsequently, the net effective median rent rose at its second-fastest annual rate on record. In addition, listing inventory fell year over year by the largest rate on record. Consequently, the number of new leases reached its highest level for January on record.
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