Podcasts

In this episode, expert NYC real estate brokers John Gasdaska and Jonathan Conlon review Corcoran’s May 2023 Manhattan Real Estate Market Report and give their analysis.

Here’s the short version:

In May 2023, the number of contracts signed rose 24% to 1,199. The annual market-wide decline that has been trending for months shrunk in May, indicating that the market may be revving back up!

Inventory numbers remained high, at 7,439. That’s just over 10% higher than the ten year average for the month of May. If you are searching for a new home, you have more options than you’ve had in months.

Buyers should be decisive as this market which has allowed them to take their time and be picky may be replaced with a much more competitive market soon. Sellers can use this to their advantage with asking prices that inspire competition.

But as always, there’s more to the story. Here’s our full May 2023 Manhattan Real Estate Market Report Analysis:

May 2023 Manhattan Real Estate Market Report Analysis

Contracts Signed and Closed Sales

1,199 contracts were signed in Manhattan in May 2023. 24% more contracts were signed in May 2023 than in April 2023. However, there was a decline of 10% in contracts signed year-over-year. But even this decrease is markedly less than in previous months of 2023!

Contracts signed on apartments over $5M+ were 98. These numbers rose 42% month-to-month and 38% year-over-year. May 2023 was the best month for this category since March 2022.

When compared to the number of contracts signed in May over the last 10 years, May 2023 is 0.6% above the average. Additionally, the market-wide annual decline we’ve been experiencing was the smallest in May 2023 that we’ve seen in the past year.

Inventory

Inventory in May 2023 reached 7,439 listings. This is an increase of 3% month over month and 2% year over year, and the second highest inventory total since June 2021. Meanwhile, inventory of apartments over $5M+ increased 13% month over month and 4% year over year.

Manhattan’s apartment inventory is 10.49% higher than the average over the last ten years, which is around 6,700. As we’ve seen a trend of choosiness amongst both our buyers and prospective buyers touring our listings, we are hopeful that these increases in inventory will help buyers be more decisive.

Days on Market & Negotiability Factor

Days on market increased rather dramatically to 131 in May 2023. This is an increase of 8% month to month and 30% year to year. Apartments over $5M+ stayed on market 29% longer than April 2023, and 14% longer than May 2022.

With choosy buyers and an expanding selection of apartments on the market, it’s no surprise that most listings are taking longer to close. But remember, we are comparing today’s number to that of last year, when apartments were still trading like hotcakes. For perspective, May 2023’s days on market total is actually 12.79% lower than the ten year average.

Negotiability factor is also known as the discount off the last asking price. In May 2023 that percentage was -5.6%, which was 4% deeper than last year. While that figure is slightly skewed by several apartments over $10M that sold for more than 10% off of the last asking price, 71% of sales were below their last asking price in May

Concluding Our May 2023 Manhattan Real Estate Market Report Analysis

The May 2023 Manhattan Real Estate Market Report reveals an upswing could be coming after months of downturn. The most important takeaways we want to leave you with are these two things:

• Your apartment can sell – and do so quickly – if you follow your broker’s pricing advice.
• Now is an excellent time to buy a piece of Manhattan real estate with inventory increasing and negotiability factor so low.

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.

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.

Inventory

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.

In this episode, expert NYC real estate brokers John Gasdaska and Jonathan Conlon review Corcoran’s Q1 2023 Manhattan Real Estate Market Report and give their analysis.

Here’s the short version:

In Q1 2023, the overall number of contracts signed was significantly below Q1 2022, but the Manhattan real estate market gained some encouraging momentum during the quarter.

Market-wide closings registered 2,500 sales, returning to the pace seen during the first quarters of historically slower years from 2018 – 2020. Q1 2022, on the other hand, had set a fourteen-year record high for first quarter sales, exaggerating the 38% year-over-year decline.

Overall, Q1 2023 reinforced the newfound challenges that face the Manhattan market. A variety of economic factors caused hesitation among buyers. Reacting to this anxiety, many sellers reacted to diminished demand and longer marketing times by lowering prices and deepening negotiability to entice nervous buyers.

But as always, there’s more to the story. Here’s our full Q1 2023 Manhattan Real Estate Market Report Analysis:

Q1 2023 Manhattan Real Estate Market Report Analysis

Contracts Signed and Closed Sales

There were nearly 2,500 closings in First Quarter 2023, the lowest number since Fourth Quarter 2020. Excluding last year’s high, the average first quarter sales figure from historically slower years of 2018 – 2021 was only slightly above this quarter’s 2,500.

Closings were down 38% versus last year when sales reached a fourteen-year first quarter record high. The 13% decline in sales versus Fourth Quarter 2022 is
typical of seasonality.

Sales volume was $4.83 billion, a decline of 41% versus First Quarter 2022. Yet this figure was higher than the first quarters of both 2021 and 2020. The decline in sales coupled with a 4% annual dip in average price contributed to the year-over-year decline in sales volume.

Thankfully, contracts signed are improving in the spring market and we are hopeful we will continue to see more apartments transacting as we head into Q2 2023.

Inventory

Unsurprisingly, slower sales and an uncertain market outlook caused inventory to increase 3% annually to 6,120 active listings.

The spring market finally began to kick in in March and we expect that uptick in listings to continue into Q2 2023.

Days on Market

Days on market jumped 21% annually to 135 days, which was the highest figure since Second Quarter 2021. The gain was driven by resale co-ops that sold after an average of nearly five months on the market. Resale condo days on market only increased four days relative to last year.

Wrapping Up Our Q1 2023 Manhattan Real Estate Market Report Analysis

The Q1 2023 Manhattan Real Estate Market Report shows that while the market is improving, it is still in a state of transition. With shifting conditions comes opportunity, so if you’re thinking of buying or selling, reach out!

In this episode, expert NYC real estate brokers John Gasdaska and Jonathan Conlon review Corcoran’s February 2023 Manhattan Real Estate Market Report and give their analysis.

Here’s the short version:

In February 2023, Manhattan’s real estate market saw year-over-year declines in contracts signed, but a huge increase month-over-month. In fact, February 2023 was the most active month for contracts signed since June 2022.

Days on Market for both condos and co-ops were up by about 20% annually but fell for the first time in three months to an average of 152 days. There are currently more than 6,200 active listings in Manhattan, which is up 7% year-over-year but still below the five-year February average of 6,800 listings. We still need a lot more inventory for levels to be considered ‘normal’.

Overall, the market showed some promising signs of recovery during February. Contracts signed increased significantly month-over-month, inventory levels are increasing, and Days On Market show that both new inventory and older inventory are transacting.

But as always, there’s more to the story. Here’s our full February 2023 Manhattan Real Estate Market Report Analysis:

February 2023 Manhattan Real Estate Market Report Analysis

Contracts Signed and Closed Sales

During February 2023, Manhattan saw a total of 934 contracts signed, which represented a 29% decline compared to the same period in the previous year but a 40% increase compared to the previous month.

There is also a boost in confidence in both the lower end of the market and the higher end. Units priced between $1M to $2M jumped 54% versus January, signaling that many younger/first-time buyers are getting used to higher interest rates and are ready to transact once the appropriate inventory is available. Sales over $5M were also up compared to January – increasing 40%.

Overall, contracts signed are improving in the spring market and we hope to continue to see more apartments transacting as we head into summer.

Inventory

Manhattan inventory increased by 7% compared to February 2022 and 3% compared to January 2023, resulting in just over 6,230 active listings.

As we mentioned last month, units can only transact if they are on the market, so it’s still imperative that we see more inventory hit the market if it is to truly recover to ‘normal levels’.

It will take time for inventory to build up, so while we hope to continue to see the total number of active listings increase, it will be a while before we stop feeling the constriction that lower inventory numbers are having on the market.

Days on Market

While we saw a sharp increase in Days on Market last month, this month we saw a slight decrease. This mostly has to do with new spring inventory transacting quickly (and therefore pulling the average Days on Market down) combined with units that have been listed for a long time finally transacting (pushing the average Days on Market up).

The February 2023 Manhattan Real Estate Market Report shows that while the market is improving, it is still in a state of transition. With shifting conditions comes opportunity, so if you’re thinking of buying or selling, reach out!

In this episode, expert NYC real estate brokers John Gasdaska and Jonathan Conlon review Corcoran’s January 2023 Manhattan Real Estate Market Report and give their analysis.

Here’s the short version of our analysis:

Manhattan contract activity took a big hit in January 2023, declining 33% year-over-year and hitting its lowest level since July 2020. The nearly 670 deals reported were also 18% below the five-year January average. However, contract activity in January 2018 and 2019 was similar to what was seen this year.

The most significant annual declines in sales were seen in high-end units asking between $3M to $5M, which declined by nearly 50%. Sales under $1M were also down 28% year-over-year. Lower inventory exacerbated the drop in demand in the Financial District/Battery Park City area, where sales were down the most compared to the record pace seen in early 2022.

Days on Market for properties rose for the third consecutive month and averaged 158 days, marking the highest figure in nearly two years.

But as always, there’s more to the story. Here’s our January 2023 Manhattan Real Estate Market Report Analysis:

January 2023 Manhattan Real Estate Market Report Analysis

Contracts Signed and Closed Sales

During January 2023, Manhattan saw a total of 669 contracts signed, which represented a 33% decline compared to the same period in the previous year and a 10% decline compared to the previous month.

All price points and units types were impacted. Units priced under $1M fared better than those in higher price points. Upper Manhattan also fared better than the rest of the submarkets.

Inventory

Manhattan inventory increased by 9% compared to January 2022, resulting in just over 6,000 active listings. However, January 2022 had the second-lowest figure in almost four years.

Condo inventory was 8% lower than the five-year January average, while co-op inventory fell below 3,000 listings for the fourth time in the past three years.

Units can only transact if they are on the market, so until we see more inventory available to buyers, these trends will likely continue.

Days on Market

The sharp increase in days on market during the month of January is likely due to apartments that had been listed since Fall (or earlier) finally transacting. We don’t usually see a lot of inventory listed in January, so the contracts that were signed during the month were almost certainly for apartments that had been available for quite a while.

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.

You can find the Real Talk NYC Real Estate Podcast on Youtube, Apple Podcasts, Spotify, and everywhere else you listen to your podcasts!

Have a question you’d like us to discuss? Just reach out.