17.11.2023 Views

Williamsburg 2023 Report

Create successful ePaper yourself

Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.

WILLIAMSBURG <strong>2023</strong><br />

YEAR TO DATE INSIGHTS<br />

TRENDS, SHIFTS & OPPORTUNITIES<br />

January 1st - October 31st, <strong>2023</strong><br />

JAIME AGUILERA<br />

Lic. Associate Real Estate Broker


<strong>Williamsburg</strong> <strong>2023</strong>: The Condominium Landscape <br />

Year to Date Insights and Trends Analysis<br />

Market Metrics YTD <strong>2023</strong> YTD 2022 % Change<br />

Average Sales Price $1,477,063 $1,401,728 5.36%<br />

Number of Sales 350 489 28.39%<br />

Average Days on Market 73 85 14.12%<br />

Average Discount 3% 2% 50%<br />

Average Size / SF 1,052 SF 1,075 SF 2.14%<br />

Market Overview:<br />

From January 1st to October 31st, <strong>2023</strong>, the condominium market in <strong>Williamsburg</strong> has<br />

witnessed significant shifts, underscoring the dynamic and vibrant nature of our beloved<br />

neighborhood. This comprehensive analysis aims to delve into these evolving market<br />

dynamics, painting a picture of a real estate landscape in flux. This period of analysis<br />

reveals a market that is adapting and transforming, with changes in buyer behavior and<br />

market conditions shaping a new narrative in the <strong>Williamsburg</strong> condominium scene.<br />

Average Sales Price: Resilient Growth Amidst Market Shifts<br />

As we reflect on <strong>2023</strong>, the <strong>Williamsburg</strong> condominium market has displayed remarkable<br />

resilience. The average sales price increased to $1,477,063, a 5.36% rise from the<br />

previous year. This growth, achieved despite a decrease in unit sales, suggests a market<br />

trend toward quality and premium offerings. Buyers are showing a willingness to invest<br />

more in properties that align with their specific needs, such as location and amenities,<br />

indicating a shift towards luxury and high-value living experiences.<br />

Number of Sales: Emerging Selectivity in the Market<br />

Throughout <strong>2023</strong>, <strong>Williamsburg</strong>'s condominium market experienced a discernible shift in<br />

buyer behavior, as reflected in the number of sales. The year saw 350 units sold,<br />

marking a significant decrease of 28.39% from the 489 units sold in 2022. This drop in<br />

sales volume is indicative of a more selective market.


<strong>Williamsburg</strong> <strong>2023</strong>: The Condominium Landscape <br />

Year to Date Insights and Trends Analysis<br />

Factors such as evolving buyer preferences, fluctuating interest rates, and changes in<br />

housing needs post-pandemic appear to have contributed to this trend. This change<br />

points towards a market where buyers are more discerning, carefully weighing their<br />

options and priorities in their purchasing decisions. <br />

Days on Market: Indications of a More Dynamic Market<br />

The dynamism in the <strong>Williamsburg</strong> property market in <strong>2023</strong> has been noteworthy,<br />

especially regarding the speed of property turnovers. The average days on the market<br />

for properties decreased to 73, a reduction of 14.12% from the 85 days in the previous<br />

year. This decrease in days on market signals not only a strong demand but also points<br />

to an increasingly efficient market, where well-priced and strategically positioned<br />

properties are quickly snapped up by eager buyers. This trend reflects a robust real<br />

estate environment where agility and responsiveness to market demands are key.<br />

Average Discount: Navigating Market Shifts with Strategic Pricing<br />

The <strong>2023</strong> <strong>Williamsburg</strong> condominium market experienced a strategic recalibration in<br />

pricing, as evidenced by adjustments in average discount levels. Shifting from the<br />

previous year's 2%, sellers raised the average discount to 3%. This proactive strategy<br />

was aimed at aligning with the evolving market conditions, focusing on attracting pricesensitive<br />

buyers while ensuring competitiveness in the market. Such a move indicates a<br />

responsive market, adept at balancing demand and value, and is reflective of sellers'<br />

efforts to stay attuned to buyer expectations and market trends.<br />

Average Size (SF): Subtle Shift to Streamlined Spaces<br />

In <strong>2023</strong>, the <strong>Williamsburg</strong> condominium market saw a subtle but telling shift in the<br />

average size of units sold. The average square footage slightly decreased to 1,052 SF, a<br />

modest reduction from 1,075 SF in 2022. This change hints at a gradual trend towards<br />

more streamlined, efficient living spaces. It reflects a nuanced adjustment in buyer<br />

preferences, where the emphasis might be slowly moving towards functionality and<br />

location efficiency over marginally larger unit sizes.


<strong>Williamsburg</strong> <strong>2023</strong>: The Condominium Landscape <br />

Room by Room: Unit Trends Unveiled<br />

Size<br />

Average Sales <br />

Price<br />

Sold Units<br />

(YTD)<br />

Avg. $/PSF % Change<br />

(YTD <strong>2023</strong> vs YTD 2022)<br />

Average Days <br />

on Market<br />

Studio $748,681 34 20.53% 88<br />

1 Bedroom $991,267 127 3.93% 54<br />

2 Bedroom $1,670,444 135 11.32% 69<br />

3 Bedroom $2,492,962 47 0.34% 111<br />

4 Bedroom $3,278,109 7 8.11% 173<br />

Total $1,477,063 350 6.78% 73<br />

Studio Apartments: A Surge in Popularity and Value<br />

<strong>Williamsburg</strong>'s studio apartments have experienced a notable surge in both demand and<br />

value in <strong>2023</strong>. The average sales price for these compact living spaces rose to<br />

$748,681, a significant increase of 6.53% from the previous year. This growth in value<br />

was accompanied by a remarkable uptick in sales volume, with 34 studios sold, marking<br />

a 70% increase from the 20 units sold in 2022. However, despite this heightened<br />

interest, the average days on market for studios saw a slight increase, averaging 88<br />

days in <strong>2023</strong> compared to 85 days in the previous year. This pattern suggests a market<br />

that is both enthusiastic and discerning, with buyers carefully evaluating their options in<br />

the compact living space segment.<br />

One Bedroom Units: Adjusting to Market Realities<br />

In <strong>Williamsburg</strong>'s 1-bedroom segment, <strong>2023</strong> unfolded with a mix of contrasting trends.<br />

The average sales price for these popular units experienced a slight decrease, dipping<br />

by 1.40% to $991,267. Concurrently, the sales volume also saw a downturn, with 127<br />

units transacting, marking a significant reduction of 37.44% from the 203 units sold in<br />

the previous year. Despite these adjustments, these units demonstrated a quicker sales<br />

pace, spending an average of just 54 days on the market, a considerable decrease from<br />

83 days in 2022.


<strong>Williamsburg</strong> <strong>2023</strong>: The Condominium Landscape <br />

Room by Room: Unit Trends Unveiled<br />

This pattern indicates a resilient demand for 1-bedroom units, suggesting their<br />

continued appeal in the market, even as price and sales dynamics undergo a correction.<br />

Two Bedroom Units: Preferred Choice with Steady Growth<br />

In <strong>2023</strong>, two-bedroom condominiums in <strong>Williamsburg</strong> distinguished themselves with<br />

steady growth. The average sales price for these units rose by 7.21%, reaching<br />

$1,670,444, highlighting their increasing value in the market. Despite this price growth,<br />

the number of units sold experienced a decline, with sales dropping 37.21% to 135<br />

units, compared to 215 units in the previous year. However, the average days on market<br />

for these units decreased to 69 days, down from 82 days, indicating a robust demand<br />

for this category. This trend suggests that two-bedroom units remain a popular choice,<br />

particularly among families or individuals seeking extra space, maintaining strong market<br />

appeal even amidst shifting economics.<br />

Three Bedroom Units: Stable Demand Amidst Pricing Adjustments<br />

In <strong>2023</strong>, the three-bedroom sector in <strong>Williamsburg</strong> demonstrated stable demand,<br />

despite minor fluctuations in pricing. The average sales price for these units saw a<br />

marginal decrease, down by 1.53% to $2,492,962. However, the market experienced a<br />

slight uptick in sales volume, with 47 units sold, an increase of 6.82% from the 44 units<br />

sold in 2022. Notably, these units exhibited a longer time on the market, averaging 111<br />

days compared to 91 days in the previous year. This indicates a more measured and<br />

deliberate approach from buyers in this segment, suggesting that while there is<br />

consistent demand, buyers are taking more time to make decisions in the threebedroom<br />

market.<br />

Four Bedroom Units: Niche Market with Discerning Demand<br />

The market for four-bedroom units in <strong>Williamsburg</strong> in <strong>2023</strong> showcased its exclusivity and<br />

limited supply, along with a notable, albeit small, increase in demand. The average sales<br />

price for these spacious and luxurious units modestly increased by 0.25%, reaching<br />

$3,278,109. In terms of sales volume, there was a discernible rise, with the number of


<strong>Williamsburg</strong> <strong>2023</strong>: The Condominium Landscape <br />

Room by Room: Unit Trends Unveiled<br />

units sold going up to 7 from 6 the previous year, marking a 16.67% increase. The<br />

significantly longer average time on the market, which extended to 173 days from 134<br />

days, indicates a niche but steady interest among buyers. This trend points to a specific<br />

segment of the market, where buyers are seeking out large, high-end living spaces and<br />

are willing to take their time to find the perfect fit for their luxurious lifestyle needs.<br />

Summary:<br />

<strong>Williamsburg</strong> Condominium Market <strong>2023</strong><br />

In the midst of <strong>2023</strong>'s uncertain economic landscape, the <strong>Williamsburg</strong> condominium<br />

market has emerged as a beacon of resilience and opportunity, presenting a compelling<br />

moment for property owners. The market's significant increase in average sales prices<br />

signals a robust demand for high-quality, premium living spaces, demonstrating the<br />

strong value potential for sellers in the current climate.<br />

The swift turnover rate of properties in <strong>Williamsburg</strong>, even amidst broader market<br />

fluctuations, points to an efficient and dynamic market. This efficiency suggests that<br />

well-positioned properties are quickly finding eager buyers, offering an advantageous<br />

scenario for sellers. Moreover, the trend towards smaller, urban-centric units aligns with<br />

the shifting lifestyle preferences, making this an ideal time to capitalize on the growing<br />

demand for such spaces.<br />

For property owners, <strong>2023</strong> represents a unique window where the convergence of<br />

favorable market conditions and buyer trends creates a prime opportunity. In these<br />

uncertain times, leveraging the resilience and vitality of the <strong>Williamsburg</strong> condominium<br />

market could be a strategic move, offering the potential for favorable returns in a<br />

landscape ripe for transactional success.


RECENT<br />

CONDOMINIUM<br />

SALES


SOLD<br />

256 N 9th St #PH1<br />

$4,200,000<br />

4 BEDS | 2.5 BATHS<br />

2,461 SQ. FT.


SOLD<br />

2 Northside Piers #PH2<br />

$3,730,000<br />

3 BEDS | 2.5 BATHS<br />

1,916 SQ. FT.<br />

SOLD<br />

2 Northside Piers #24P<br />

$2,845,000<br />

2 BEDS | 2.5 BATHS<br />

1,555 SQ. FT.


SOLD<br />

30 Bayard St #1F<br />

$1,100,000<br />

1 BED | 1 BATH<br />

815 SQ. FT.<br />

SOLD<br />

60 Broadway #3P<br />

$797,500<br />

STUDIO | 1 BATH<br />

687 SQ. FT.


SOLD<br />

38 Meserole St #2C<br />

$695,000<br />

STUDIO | 1 BATH<br />

529 SQ. FT.<br />

SOLD<br />

215 N 10th St #5I<br />

$695,000<br />

STUDIO | 1 BATH<br />

477 SQ. FT.


<strong>Williamsburg</strong> <strong>2023</strong>: The Rental Market Review<br />

Year to Date Insights and Trends Analysis<br />

Size<br />

Average Asking<br />

Rent<br />

Leased Units<br />

(YTD <strong>2023</strong>)<br />

Avg. Asking Rent % Change<br />

(YTD <strong>2023</strong> vs YTD 2022)<br />

Average<br />

Days <br />

on Market<br />

Studio $3,607 194 4.28% 20<br />

1 Bedroom $4,158 484 5.11% 19<br />

2 Bedroom $5,347 432 6.15% 31<br />

3 Bedroom $6,861 138 1.84% 24<br />

4 Bedroom $10,037 11 49.58 26<br />

Total $4,828 1,259 7.46% 24<br />

Market Overview: A Vibrant and Expanding Scene<br />

In the stretch from January to October <strong>2023</strong>, the rental landscape in <strong>Williamsburg</strong> has<br />

exhibited a compelling narrative of growth and adaptation. This report unpacks the<br />

multifaceted nature of the rental market in our vibrant neighborhood, showcasing how<br />

patterns of living and tenant preferences are evolving in a post-pandemic world. A<br />

discerning look at the period reveals a rental market that is buoyant, with strategic<br />

positioning and nuanced shifts defining the current trajectory.<br />

Average Asking Rent: Ascending Trajectory Amidst Urban Revival<br />

Reflecting on the ten months of <strong>2023</strong>, the <strong>Williamsburg</strong> rental market has charted an<br />

ascending trajectory, with the average asking rent climbing to $4,828, marking a hearty<br />

increase of 7.46% from the preceding year. This uptrend indicates a robust appetite for<br />

urban living spaces, with tenants willing to pay a premium for the lifestyle and<br />

convenience that <strong>Williamsburg</strong> offers.<br />

Leased Units: A Reflection of Market Vitality<br />

The dynamism of the <strong>Williamsburg</strong> rental market is captured in the volume of leased<br />

units. During this period, 1,259 units found occupants—a testament to the area's allure.


<strong>Williamsburg</strong> <strong>2023</strong>: The Rental Market Review<br />

Year to Date Insights and Trends Analysis<br />

Although this represents a slight decrease from the previous year's 1,310 units, the rapid<br />

absorption rate, with properties spending an average of only 24 days on the market,<br />

underscores a market that's thriving and quick to rebound.<br />

Average Days on Market: A Swift and Responsive Market<br />

The average days on the market stood at a brisk 24 days, reflecting a decrease from the<br />

previous year and underscoring a swift and responsive market. This reduction in<br />

turnover time signifies a keen demand for rentals in <strong>Williamsburg</strong>, with well-priced and<br />

optimally located properties enjoying quick tenancies.<br />

Average Size (SF): Larger Units Gaining Traction<br />

In terms of space, the average square footage of leased units has seen an increase,<br />

moving from 942 square feet in the previous year to 976 square feet in <strong>2023</strong>. This<br />

enlargement in living spaces reflects a market where renters are seeking more room,<br />

whether for home offices, growing families, or simply a desire for more expansive living<br />

quarters.<br />

Detailed Breakdown by Unit Type<br />

Studio Apartments: Efficient Living in High Demand<br />

Studio apartments have become a hot commodity in <strong>Williamsburg</strong>, with the average<br />

asking rent increasing by 4.28% to $3,607. A total of 194 units were leased, spending an<br />

average of 20 days on the market, illustrating a continued trend for efficient, accessible<br />

living spaces that cater to the modern urbanite's lifestyle.<br />

1 Bedroom Units: Consistent Demand with Rent Growth<br />

One-bedroom units remain the quintessential choice for many in <strong>Williamsburg</strong>. This<br />

category has seen notable uptake, with 484 such units finding tenants, accompanied by<br />

a rent increase of 5.11%, bringing the average to $4,158. Their popularity is further<br />

underscored by the average size of these apartments, which is 748 square feet, ideally


<strong>Williamsburg</strong> <strong>2023</strong>: The Rental Market Review<br />

Year to Date Insights and Trends Analysis<br />

suited for singles and young professionals. Becoming increasingly desirable, these units<br />

typically stayed on the market for just 19 days, showcasing their high demand amid the<br />

vibrancy of Brooklyn living. This trend underscores a growing preference for compact,<br />

yet comfortable living spaces in <strong>Williamsburg</strong>.<br />

2 Bedroom Units: Strong Demand and Increasing Rents<br />

The two-bedroom segment in <strong>Williamsburg</strong> has showcased a balance of space and<br />

demand. In <strong>2023</strong>, these units, which offer an average of 1,118 square feet, saw an<br />

increase in average asking rent by 6.15% to $5,347. A total of 432 two-bedroom units<br />

were leased during this period. They spent an average of 31 days on the market,<br />

indicating a steady demand for more spacious living options that cater to various<br />

lifestyle needs, from small families to shared living arrangements.<br />

3 Bedroom Units: Stable Demand with Slight Rent Adjustments<br />

Three-bedroom apartments in <strong>Williamsburg</strong> have emerged as sought-after spaces for<br />

families or those desiring extra room. The average asking rent for these units rose by<br />

1.84% to $6,861, with an average size of 1,581 square feet. Throughout the year, 138<br />

units were leased, and these properties remained on the market for an average of 24<br />

days. This trend suggests a consistent demand for larger living spaces, reflecting the<br />

evolving needs of the community in a post-pandemic era.<br />

4 Bedroom Units: Exclusive Market with Significant Rent Growth<br />

Four-bedroom apartments represent a luxury niche in the <strong>Williamsburg</strong> rental market. In<br />

<strong>2023</strong>, these units, offering expansive living spaces averaging 2,542 square feet, saw a<br />

dramatic increase in average asking rent of 49.58% to $10,037. Despite the limited<br />

number of these units, with only 11 being leased, their relatively short average market<br />

time of 26 days highlights a distinct and growing interest in high-end, spacious living.<br />

This segment caters to a specific market demographic seeking premium, family-sized<br />

urban dwellings.


<strong>Williamsburg</strong> <strong>2023</strong>: The Rental Market Review<br />

Summary:<br />

A Lucrative Opportunity for Landlords<br />

The <strong>Williamsburg</strong> rental market, spanning January to October <strong>2023</strong>, stands as a beacon<br />

of resilience and adaptability. This dynamic period, characterized by rising asking rents<br />

across all unit types and a swift leasing pace, underscores a robust demand for diverse<br />

living options. From the efficient charm of studio apartments to the luxury and space of<br />

four-bedroom units, the market has proven its capacity to cater to a spectrum of tenant<br />

preferences, showcasing its strength and broad appeal.<br />

Looking ahead, <strong>Williamsburg</strong>'s rental landscape is on a trajectory of sustained growth<br />

and evolution. The trends we've witnessed this year reflect a community deeply invested<br />

in the vibrancy of urban living, balanced with the desire for spacious, well-appointed<br />

homes. This presents a golden opportunity for landlords and investors. The market's<br />

diversity means there's room for various property types, appealing to a wide range of<br />

potential tenants. Whether it's catering to the modern minimalist seeking a studio or a<br />

family desiring expansive living space, the possibilities for investment and returns are<br />

vast and varied.<br />

In conclusion, the <strong>Williamsburg</strong> rental market in <strong>2023</strong> has been a testament to growth,<br />

resilience, and diversity. Its healthy increase in rents, combined with a dynamic leasing<br />

environment, signals the area's continued desirability and the evolving preferences of its<br />

residents. As a representative real estate broker, my expertise and understanding of this<br />

vibrant market position me ideally to help landlords navigate and capitalize on these<br />

lucrative opportunities. Partnering with me means tapping into the heart of<br />

<strong>Williamsburg</strong>'s thriving rental landscape, ensuring your investments flourish in this evergrowing,<br />

ever-appealing urban haven.


RECENT<br />

CONDOMINIUM<br />

RENTALS


RENTED<br />

125 N 10th St #N5F<br />

$12,000<br />

3 BEDS | 3 BATHS<br />

1,709 SQ. FT.


RENTED<br />

398 Wythe Ave #2<br />

$9,000<br />

3 BEDS | 2 BATHS<br />

1,850 SQ. FT.


RENTED<br />

70 Berry St #6F<br />

$8,600<br />

2 BEDS | 2 BATHS<br />

1,184 SQ. FT.<br />

RENTED<br />

136 N 8th St #1<br />

$8,500<br />

3 BEDS | 2 BATHS<br />

1,890 SQ.FT.


RENTED<br />

440 Kent Ave #10A<br />

$7,800<br />

2 BEDS | 2 BATHS<br />

1,270 SQ. FT.<br />

RENTED<br />

46 S 2nd St #4A<br />

$6,700<br />

3 BEDS | 2 BATHS<br />

1,120 SQ.FT.


RENTED<br />

2 Northside Piers #21B<br />

$5,500<br />

1 BED | 1 BATH<br />

813 SQ. FT.<br />

RENTED<br />

234 N 9th St #3B<br />

$6,000<br />

1 BED | 2 BATHS<br />

847 SQ.FT.


Jaime Aguilera<br />

Lic. Associate Real Estate Broker<br />

212 470 8774<br />

136 North 10th Street<br />

Brooklyn, NY 11249

Hooray! Your file is uploaded and ready to be published.

Saved successfully!

Ooh no, something went wrong!