THE AGENCY TIMES
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NEW YORK EDITION
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By Sarah Jansen-Mount
New York, you’re looking healthy. According to UrbanDigs data, new listings were up 48% from the last quarter of 2023 to the first quarter of 2024. Yearover-year, Q1 was similar to that of 2023, hovering right around 4,300 new listings on the market.
Mansion Global noted an uptick in luxury home sales this April—especially in the world of new development. The publication cited Donna Olshan, president of Olshan Realty: “New-development contracts ruled the week with 14 deals inked by developers.”
Days on market have also held steady to Q1 2023, coming in nearly the same as this time last year. Compared to the last quarter of 2023, days on market are trending longer, with an average of 110 days per listing. Top agents have also reported the return of multiple bids and sales over asking price. Buyers are back in action, having come to terms with interest rates, and as a result, well-priced properties are highly sought after.
“The Manhattan market has been quite robust regarding the most attractive neighborhoods right now, and this is mostly due to the lack of inventory,” said Michael Biryla. “Buyer attraction and traffic persistently focus on the West Village, TriBeCa, and parts of SoHo and NoHo. Downtown Manhattan has always been one of the most sought-after parts of New York City, but after the pandemic, we saw a huge surge in buyers seeking smaller, less-occupied buildings and townhouses. Postpandemic, we’re seeing a return of people seeking fullservice buildings with a wide range of amenities such as gyms, pools, saunas, and staff.”
“In the first quarter of 2024, the median sale price for luxury properties in Manhattan was $5.8 million,” said The Agency New York City’s own Michael Biryla. “That is up from $5.7M last year, marking the fourth consecutive increase. We also saw a larger number of bidding wars in the luxury market than in all of the other sub-markets in the first quarter, with 9% of homes trading above the asking price.” When it comes to trending amenities, Michael noted that buyers are “leaning into more full-service buildings.” Properties that require massive renovations are swaying less attractive as the construction costs and contractor quotes still remain on the higher end. Renovated, move-in ready apartments that offer stateof-the-art kitchens, spa-like bathrooms, and high-end finishes are garnering the most attention.
Michael’s advice for buyers seeking a home in Manhattan? “The most important advice I have been giving to my buyers in this market with low inventory is one key thing: preparedness,” he said. “It’s imperative that all of our ducks are in a row, meaning we have our pre-approvals in hand, our offer forms (in Manhattan, there are several nuances that need to be addressed when dealing with co-ops), and introduction letters to the seller. So, when we find the right property, we can pursue it immediately. The market is active, and the most prepared buyers are the ones getting deals done.”