With impacts often compared to 2021’s banner year and unrelenting economic news, it’s easy to lose perspective as we recap each month. Thankfully, November brought with it some typical seasonal behavior, and it has been refreshing to see familiar patterns returning for the second consecutive month.
In Manhattan, activity continued to pick up as newly signed contracts increased month over month for the third time since August. At the same time, borrowing continued to get more expensive, meaning inventory stayed low as would-be sellers stayed put. In fact, new listings fell for the seventh time in the past eight months. The rental spectrum is widening as some would-be buyers continue to lease. The entry threshold to the luxury rental market is up to a high of $9,000 per month, while prices at Manhattan’s lowest-priced rentals dipped 5.5 percent.
For the first time since August, Brooklyn notched an increase in signed contracts in November. But just like Manhattan, new listings fell again, marking the fifth month-over-month decline in the past six months. Despite a general slowdown in overall transaction volume, Brooklyn’s top 10 neighborhoods for home sales—led by Park Slope, Brooklyn Heights, and Carroll Gardens—notched $1.8 billion in sales across 1,300 recorded transactions for the quarter.
November’s newly signed contracts in Westchester fell again year over year as well, with the caveat that this data is particularly distorted by the pandemic-era boom. New listings also fell for the fifth consecutive month. The area may see new inventory on the horizon in the coming years; developers are petitioning to turn the former site of a Renaissance Hotel into a 760-unit mixed-use project.
The seasonal winter slowdown told the same story in Miami, where newly signed contracts fell annually since January and new listings fell month over month for the fifth consecutive month. In the second week of the month, Miami-Dade County’s sales totaled $57.2 million, nearly half of the $107.4 million in sales from the week before. Sales continued to track downward into December, easing pressure on buyers in the market.
The close of the year is always a time to reflect further than just one month. To say the least, it’s been an interesting journey watching 2022 progress into such a transitional market, but no matter where the market stands, it’s our honor to be your trusted guide. We want to take a moment to thank all of our clients for being part of the ESPINAL | ADLER family.
At E|A, it was a fantastic year. By the first of November we closed more than 100 transactions in the City, including homes at 108 Leonard, where we continue to sell luxury units. Our team of incredible NYC agents including Shaun Anders, Preston Maguire, Jessica Wolf and Grace Baird continued to exceed expectations throughout the year. In Westchester, we were busier than the overall market—by the start of this month we handled more than $20 million in sales across 16 transactions. We expanded our marketing efforts and deepened our roots in the county with local community involvement and the opening of our Bedford office. All of which was possible thanks to strong partnerships with our team and agents Wendy Phillips and Inez Gomez. In Miami, we welcomed Andrew Cohen to the team in August and already closed seven transactions.
Finally, we want to express unending gratitude to our incredible support team of Marketing Director Cortnie Schultz, Business Development Director Kristin Langiulli, and Office Manager Lauren Nichols, who consistently exceed our expectations. Together we are excited to continue our growth as professionals and as a team and look forward to our future new development presence. Wishing everyone a happy holidays as we usher in 2023!