In this episode, expert NYC real estate brokers John Gasdaska and Jonathan Conlon review Corcoran’s April 2023 Manhattan Real Estate Market Report and give their analysis.
Here’s the short version:
In April 2023, the overall number of contracts signed dropped 37% since April 2022 and 18% since March 2023. Based on the last ten years of data, there is usually a dip in contracts signed of around 5% between March and April.
Inventory numbers surged to 7,877 active listings, a two-year high. Meanwhile, days on market continued the steady decline that began in February 2023, settling at an average of 121 days by the end of April.
While apartments aren’t transacting at the levels they did in 2021, sellers can rest easy knowing that listings that are priced competitively, updated, and located well are selling. With more inventory on the market, buyers can enjoy the search process and make their choice more confidently.
But as always, there’s more to the story. Here’s our full April 2023 Manhattan Real Estate Market Report Analysis:
April 2023 Manhattan Real Estate Market Report Analysis
Contracts Signed and Closed Sales
The April 2023 Manhattan Real Estate Market Report shows that the market continued to slow, with the number of contracts signed 37% lower than one year ago. 964 contracts were signed in April. April was the thirteenth consecutive month sales dropped annually, a decline that has widened over the last two months.
Based on the last ten years of data, there is usually a dip in contracts signed of around 5% between March and April. The market-wide slowdown outside of seasonality is likely attributed to higher mortgage rates, the recent banking crisis, and the timing of the Easter and Passover holidays this year.
The silver lining here is that sales over $5M dropped the least (only 5%) since those transactions are less dependent on financing and therefore less affected by interest rates.
With nearly 7,900 active listings, Manhattan apartment inventory reached its highest level since April 2021, with both condo and cooperative listings up 13% year-over-year. There was an unprecedented 29% month-over-month surge in inventory, much higher than the average 7% increase reported between March and April in the last decade.
John and Jonathan are optimistic that with more apartments on the market, more buyers will be drawn out to showings. While these buyers may not always put in offers, this is a numbers game where more showings can translate to higher odds of a successful transaction occurring.
Days on Market
Signed contracts spent an average of 121 days on the market, 17 days longer than a year ago. However, days on market has been steadily decreasing since February of this year, leading the Gasdaska Conlon Team to believe that apartments which are firing on all cylinders (renovated, well-priced homes in fantastic locations) are selling rapidly.
The apartments that need a little TLC, aren’t price competitively, or aren’t in exciting locations are currently sitting on the market a little longer. This is also contributing to the decrease in days on market, because these apartments aren’t yet represented in the statistics.
Concluding Our April 2023 Manhattan Real Estate Market Report Analysis
The April 2023 Manhattan Real Estate Market Report shows both points of concern and glimmers of a promising May market. The most important takeaways we want to leave you with are these two things:
- Apartments are still selling rapidly – when sellers strategize!
- There are more fabulous listings now than there have been in months.
If you are in the market to buy or sell a Manhattan home, please reach out. We’d love the opportunity to securely guide you through this transitional market.
Why We Host This Podcast:
We have been in this business long enough to know that knowledge is power. That’s why we conduct an in-depth analysis of the Manhattan real estate market every month, quarter, and year and provide an easy-to-understand synopsis of the full report in several different formats – all so you can stay informed.
Our team of experienced real estate professionals closely monitors market trends and provides our clients with the latest and most relevant information available. With this information, our clients are able to make informed decisions about buying and selling properties in Manhattan, which helps them stay ahead of the curve and make the most of their real estate investments.
Understanding the trends and changes in the market can help you make informed decisions. You gain insights into supply and demand, pricing, and market conditions that can influence the value of your property. Just by being aware of market trends and conditions, you’re better off than most other buyers and sellers, and you can make strategic moves that can lead to a successful real estate transaction.
If you’re considering buying or selling a Manhattan property, now is the time to take action. Our team of expert real estate agents and brokers can help guide you through this market, leveraging our extensive knowledge and experience to help you make informed decisions.
So, why wait? Reach out to us today and let us help you achieve your real estate goals!
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