Agents embraced virtual showings and transaction management, but the pandemic took its toll on business in Manhattan and Brooklyn during Q2.
Market Reports
In Manhattan and Brooklyn, rents fell across the board and vacancy levels hit a two-year high. As such, move-in incentives were more common in both boroughs.
In Manhattan, rents rose for studios and one- and two-bedroom homes but declined sharply for three-bedroom homes. In Brooklyn, rents rose slightly for one- and two-bedroom homes but dipped for studios and three-bedroom homes.
The Hamptons saw the strongest quarter for sales in a year and a half, with sales up 7% year-over-year. The North Fork, however, dipped 16% during Q1.
In the Town of Palm Beach, single-family home sales increased 6 percent compared with the Q1 2019 and jumped 113 percent against Q4 2019.
Rent changes in Manhattan during the month of March varied by apartment size year over year, but in Brooklyn, rents rose across the board.
Month over month and year over year, rents in Manhattan and Brooklyn increased across the board — and move-in incentives were less plentiful.
Month over month and year over year, rents in Manhattan and Brooklyn increased across the board — and move-in incentives were more plentiful.
After four consecutive quarters with year-over-year declines on the South Fork, reported closed sales increased 3% in Q4 2019.