Gross sales Outlook
The gross sales market, too, has a protracted option to go, however there are brilliant spots in Brooklyn and Queens.
Each Brooklyn and Queens reached new median sale worth data within the final quarter of 2020, as extra patrons regarded past Manhattan for extra space at comparatively decrease costs.
The median sale worth reached $875,000 in Brooklyn, up 9.4 % from a 12 months in the past, and $668,000, a 9.5 % leap, in Queens. The median sale worth in Manhattan was $1.05 million, up 5 %, however principally due to an uptick in new luxurious gross sales — the starter and resale markets had been anemic, Mr. Miller stated.
Rising curiosity within the boroughs exterior of Manhattan, just like the gross sales surge seen in suburbs surrounding the town early within the pandemic, might counsel a everlasting shift within the shopping for patterns of New Yorkers, lots of whom now have much less motive to commonly journey to Midtown for work — and Brooklyn has been a significant beneficiary.
“It felt like one thing from 2006,” stated Kristina Leonetti, a Compass agent who engaged in quite a few bidding wars in Brooklyn final quarter, paying homage to the shopping for rush earlier than the Nice Recession. “We didn’t count on this type of response.”
In a brand new report, StreetEasy predicted that eight out of 10 neighborhoods to observe in 2021, primarily based on person visitors and gross sales and rental costs, shall be in Brooklyn. The highest markets included Greenpoint, Prospect Lefferts Gardens, Flatbush and Greenwood.
Brooklyn’s reputation has partly been on the expense of Manhattan, the place longtime renters, enticed by close to record-low mortgage charges and comparatively reasonably priced costs, are searching for offers, with much less consideration for commute time to Manhattan.
In Brooklyn, “we noticed heightened exercise within the $500,000 to $2 million vary and, not coincidentally, that’s the place we noticed lowered exercise in Manhattan within the fourth quarter,” stated Garrett Derderian, the director of market intelligence for the brokerage Serhant.