Meraki Realty

05/08/2024

May has gotten off to a torrid start as the Manhattan rental market explodes into the prime rental season.

Showing shades of two years ago, during the height of the city’s recovery from COVID; bidding wars, sight-unseen deposits, and lines around the block are once again becoming commonplace

05/01/2024

Elevated rates continue to dominate the NYC residential sales market. As we have spoken about ad nauseam in this Market Report, trying to predict what rates are going to do is a fool's errand.

04/03/2024

Our stalled residential sales market continues. New listings and new contract signings last month decreased year over year.

On a year over year basis, contract signings were down 13.7 percent and new listings were also down 10.9 percent.

When compared to the ten-year seasonal average, the data shows an even more discouraging story.

https://www.linkedin.com/pulse/supply-outpaces-seasonal-average-while-demand-lags-tim-o-reilly-1irse

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03/27/2024

The portion of rentals that were vacant and available in 2023 was a paltry 1.4 percent- the lowest level since 1968. While rental pricing has cooled over the past six months it does not appear to be due to a lack of demand, or a surplus of inventory.

03/20/2024

The weather is getting warmer, the days are getting longer, and supply is steadily increasing in the NYC real estate market.

While we are not fully out of our winter hibernation, all signs point to spring's approach. Sellers and buyers alike should welcome the listing season with open arms.

06/22/2023

A new report from StreetEasy shows the citywide median asking rent rose 10.7% year-over-year to $3,700 in May, right after setting a new record in April this year at $3,650.

The new record reached in May is the highest among StreetEasy data, stretching back to 2006. Asking rents have been setting new records across the city as competition for limited inventory continues to heat up.

06/08/2023

May was a strong month for the residential sales market in Manhattan. Although the activity is down from the record-breaking years of 2021 and 2022, some normalcy has returned to the market this Spring as this May is in line with May's of 2017, 2018, and 2019.

05/31/2023

For now, at least, the market has spoken. Over the past two months, we have predicted the market was at a crossroads. With the market relatively even both parties (buyers and sellers) had some leverage on their side and only time would tell what side would win out.

05/11/2023

Living in New York City is getting more expensive by the day. While it is true that everyday items such as groceries, transportation, and entertainment have increased over the past year or two- most New Yorkers will tell you without a shadow of a doubt, their biggest expense is rent.

And it keeps getting more expensive.

05/05/2023

April saw a slowdown in both new contract signings and new listings when compared with March. Some of this can be explained by the holidays- which historically always lead to a decrease in deal volume and new listings.

However, there wasn't as strong a bounce back the following weeks as we like to see this time of year.

April saw a slowdown in both new contract signings and new listings when compared with March. Some of this can be explained by the holidays- which historically always lead to a decrease in deal volume and new listings.

04/26/2023

Supply and Demand continue to be congruent as both have increased at a similar percentage over the last 30 days.

As long as supply and demand stay congruent, the Manhattan residential sales market will continue to show signs of strength.

04/19/2023

New York City continues to hold the title of the world's most expensive residential market. Fresh data reveals that in 2022, NYC recorded the highest number of ultra-prime property transactions globally.

New York City continues to hold the title of the world's most expensive residential market. Fresh data reveals that in 2022, NYC recorded the highest number of ultra-prime property transactions globally.