In this episode, John and Jonathan review Corcoran’s Manhattan real estate market report for April 2022. They discuss their theories about why contracts signed for April wobbled in what is usually a strong month.
The real estate experts of the Gasdaska Conlon Team also dissect the inventory numbers and days on market for April 2022 and what those factors mean for anyone in the market this summer, especially first-time buyers.
The late occurrence of Easter and Passover this year seems to have coincided in a slower than average April.
Just over 1500 contracts were signed in April 2022, down 10% both month-to-month and year-to-year. The increase in interest rates may be one of the contributing factors to the first year-to-year decline in contracts signed since August of 2020.
Apartments that need very little work and are listed at the right price point continue to trade quickly and easily. This high turnover of some apartments has pushed days on market down 15% month-to-month and 29% year-to-year.
Active listings are down by 10% year-to-year for the tenth consecutive month, settling at 6,953 at the end of April. While this is 13% higher than March 2022, the last time active listings were this low in April, excluding 2020, was in 2017.
If you have further questions about the numbers from April 2022 or the future of the Manhattan real estate market, give us a call! We’d be thrilled to provide guidance to you in any way we can.
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