Statistics

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

Here’s the short version:

In October 2023, 838 contracts were signed, up +5% year-to-year and up +35% month-to-month. Active listings also increased to 7,254 in October 2023, up +12% year-to-year, though down -3% month-to-month. Days on Market dropped to 125, a -1% decrease year-to-year and a -27% decline month-to-month.

October 2023 brought the first annual increase in contracts signed since April 2023, as well as the first decrease in Days on Market in a calendar year. Read on to dig deeper into these statistics and learn what they mean for your household.

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

October 2023 Manhattan Real Estate Market Report Analysis

Contracts Signed

In October 2023, 838 contracts were signed in Manhattan. The month-to-month increase of +35% is typical of seasonality when compared to the last 10 years worth of September to October stats.

The $5M+ segment of the market has continued to transact well, though it didn’t carry the market this month as it has in previous months. Their contracts signed are up +2% year-to-year and +33% month-to-month

The contract activity in Manhattan in October 2023 perfectly mimics October trends in the last ten years. The slight upturn we experienced this month is not something we expect to sustain through Q4, but we are hopeful that it bodes well for the Spring 2024 market.

Inventory

Inventory in Manhattan in October 2023 rose to 7,254 listings, a +12% increase from September 2023 and a -3% decline year-to-year. Compared to the previous ten Octobers, this increase is only +1% higher than the average.

Turn-key listings and new developments aren’t lasting long in this market, because they are so few in number.

Days on Market

Days on Market dropped from 151 in September 2023 to 125 in October. That was a -17% decrease month-to-month. This is the first time in more than a year that Days on Market fell versus the year prior, dropping by -1%.

We still expect this number to jump as the estates and other apartments on the market that need significant renovation transact, but if you have an apartment that is ready to list with minor work, there are opportunities in this market.

If you are in the market to buy or sell a Manhattan home, please reach out. We’d love the opportunity to be your trusted advisors.

In this episode, expert NYC real estate brokers John Gasdaska and Jonathan Conlon review Corcoran’s Q3 2023 Manhattan Real Estate Market Report and give their analysis.

Here’s the short version:

In Q3 2023, the number of contracts fell quarter-to-quarter and year-to-year, -27% and -15% respectively. This statistic continues to be skewed heavily by record high performance in 2022. Inventory numbers dropped as well, down -12% from Q2 2023 and -3 percent from Q3 2022, which can generally be attributed to seasonality. Days on market also fell -12% quarter-over-quarter, but rose +20% year-over-year as buyers grow more hesitant.

Rising interest rates in Q3 shook the confidence of both buyers that finance and buyers that pay cash. Rates of 7.49% as of 10/05/2023 have significantly impacted all of the key metrics that we track. We’ll get into the nuances of that influence in the detailed analysis of each metric.

But as always, there’s more to the story. Here’s our full Q3 2023 Manhattan Real Estate Market Report Analysis:

Q3 2023 Manhattan Real Estate Market Report Analysis

Contracts Signed

In Q3 2023, 2,266 contracts were signed in Manhattan, and contract activity declined at a slightly lower annual pace than closings. Contract activity declined annually for the sixth consecutive quarter, but the year-over-year decline was the smallest since Q2 2022.

Buyers have become increasingly hesitant as interest rates continue to climb with no sign of stopping. In our experience in the field, the prospect of higher monthly costs has caused buyers to become much more choosy than they have been in recent years.

While you may have been able to list an apartment in less than its best state last year, in our current market new listings must be above reproach in order to draw in offers.

Inventory

Inventory in Q3 2023 was the lowest of any Q3 since 2009, at just 6,480 active listings. Fewer than 3,800 apartments were listed this summer. This decline isn’t massive, however, only dropping -3% year-over-year and -12% quarter-over-quarter.

While this drop in listings is mostly due to typical seasonality, spring-to-summer drops in inventory pre-Covid were typically under -10%. We attribute the remainder of the decline to the rising interest rates, because many would-be sellers don’t want to walk away from the low interest rates they currently enjoy.

Days on Market & Negotiability Factor

Days on market settled at 109 in Q3 2023, a whopping -12% lower than Q2 2023, but +20% higher than Q3 2022. This statistic is a bit misleading this quarter, as most of the apartments that traded this quarter were mint condition or truly turnkey homes.

Many of the active listings in Manhattan which are in rougher shape, need more work, or just don’t have functional layouts will drastically alter the Days on Market the second they close. Some of these homes have been on the market as many as 300-400 days.

John & Jonathan’s Takeaways

Buyers: If you are able to afford the higher monthlies now, this can be a great time to get a fantastic deal on a piece of New York real estate.

Most of the listings on the market are sellers who need to sell (estates, people relocating for work, people divorcing, etc.) For the first time in a few years, negotiation is back on the table. As soon as interest rates drop, you can refinance your loan and lower your monthly payments.

Sellers: You can absolutely sell your home in this hesitant market – if you heed your broker’s advice.

While selling your New York City apartment isn’t as easy as it was in 2021/2022, it can be done. You must work with an experienced, knowledgeable broker who you can trust to realistically guide you through the current market – and listen to their guidance. We are your advocate and stewards, and protecting your financial interests is the core of what we do.

If you’ve read this far and you are in the market to buy or sell a Manhattan home, please reach out. We’d love the opportunity to be your trusted advisors.

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

Here’s the short version:

In August 2023, 867 contracts were signed, down -5% year-over-year and up +7% month-over-month. Active listings stagnated at 6,226 in August 2023, a 0% change from July 2023 and a -5% decline from August 2022. Meanwhile Days on Market remains at 134, a +28% shift year-to-year and a -1% decline month-to-month.

Though it may appear that the market is cooling, there are significant signs of life in the $5M+ category. Read on to find out why these and other apartments are transacting in a market where so many apartments are sitting on the market with barely a nibble of interest.

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

August 2023 Manhattan Real Estate Market Report Analysis

Contracts Signed

In August 2023, 867 contracts were signed in Manhattan. The annual decline of -5% was led by -20% fewer condo contracts, while co-op activity increased +8% year-over-year. This month marked the second smallest overall annual decline since April 2022, just before mortgage rates surged.

Properties in the $5M+ category continued to transact at a higher rate, +9% compared to August 2022. This growth was driven by new developments and high-end resales on Billionaire’s Row.

All things considered, the contract activity in Manhattan in August 2023 perfectly mimics August trends in the last ten years. While there is an amount of uncertainty in the marketplace, the numbers don’t lie – our real estate market is holding steady!

Inventory

Inventory in August 2023 remained constant at 6,226 listings, only 5 listings lower than the previous month and a -5% decline year-to-year. Compared to the previous ten Augusts, we actually saw more inventory coming on the market than is typical.

Because the selection of apartments is so limited and interest rates have continued to climb, buyers are much more hesitant to make offers than you may have grown accustomed to in recent years.

If you are selling an apartment in the city this fall, make sure you listen to your agent’s guidance, put in the work to make your apartment stand out, and always engage with offers by sending a counter-offer. Even if the original offer is below what you’d like for the home. You never know how much a buyer may be willing to spend to secure the property unless you ask.

Days on Market

Days on market also remained essentially the same month-to-month, dropping from 136 to 134 in August. This number is +28% higher year to year, which is to be expected as August 2022 continued to see an unusual surge of transaction activity when compared to the ten year trends.

This unusually lengthy period that apartments are spending on the market are indicative of the end of the 2020-2022 boom in our real estate market. We are finally experiencing that return to normal we’ve been anticipating for months. That slowdown is exacerbated by the financial climate we find ourselves in, with interest rates on the rise.

The bottom line is, apartments are still transacting, but the market isn’t popping like popcorn anymore. Buyers and sellers alike need to think strategically and have patience. Even the funkiest apartments are finding their buyers in this market. It just takes a little more time.

If you are in the market to buy or sell a Manhattan home, please reach out. We’d love the opportunity to be your trusted advisors.

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

Here’s the short version:

First, in July 2023, just over 800 contracts were signed, down -4% year-over-year and -18% from last month. Second, just over 6,200 active listings were available in July 2023, a -15% drop from the previous month and a -7% decline from last year. Third, days on market rose +11% month-over-month and +16% year-over-year.

Rising interest rates and summer travel may be contributing to the decrease in both contracts signed and inventory in July 2023 – read on to find out how!

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

July 2023 Manhattan Real Estate Market Report Analysis

Contracts Signed

Only 809 contracts were signed in Manhattan in July 2023. The annual decline of -4% was driven by -17% fewer condo contracts, while co-op activity was actually up +7% year-over-year. Although sales did fall annually, this month’s decline is the smallest since April 2022, just before mortgage rates began to climb.

Inventory

Inventory in July 2023 dropped to 6,221 listings, a 15% drop from the previous month and a 7% decline from last year. This represents the third annual inventory decline this year, with potential sellers still hesitating to list, likely the result of being locked into favorable mortgage rates.

In summary, sellers with turn-key ready apartments will find themselves well-positioned moving into the fall market. Similarly, if you are planning on listing an apartment that needs work, the price needs to be finely tuned to be attractive to buyers who are being more choosy due to interest rates.

Days on Market

Days on market increased by double digits compared to last year (+11%) and June 2023 (+16%). July 2023 marked the tenth consecutive month of yearly growth in average days on the market.

As New Yorkers return from their summer travels and realize they might need to lock in interest rates before they rise once again, we are hopeful days on market will decline once again, signaling the beginning of the fall market.

If you are in the market to buy or sell a Manhattan home, please reach out. We’d love the opportunity to be your trusted advisors.

In this episode, expert NYC real estate brokers John Gasdaska and Jonathan Conlon review Corcoran’s Q2 2023 Manhattan Real Estate Market Report and give their analysis.

Here’s the short version:

In Q2 2023, the number of contracts signed rose quarter over quarter by +11% to 3,242 but fell -20% year over year. Inventory numbers rose relatively quickly at +20% quarter over quarter, but are basically flat year over year at just -2%. Lastly, days on market fell -3% quarter over quarter, but rose +25% year over year, but there was wide variation depending on price point.

But as always, there’s more to the story. Here’s our full Q2 2023 Manhattan Real Estate Market Report Analysis:

Q2 2023 Manhattan Real Estate Market Report Analysis

Contracts Signed

3,242 contracts were signed in Manhattan in Q2 2023, and contract activity declined at a slightly lower annual pace than closings. While these numbers are encouraging, the real story this quarter lies with the inventory and the contracts signed, so read on.

Inventory

Inventory in Q2 2023 reached 7,338 listings, which is an increase of 20% quarter over quarter and a decrease of 2% year over year.

The biggest item of note, though, is the diverging supply trends by price segment.

Buyers under $2M had 7% fewer properties available year-over-year, while buyers above $2M had 6% more properties available. The trend becomes even more pronounced between $3M-$5M, where buyers had 11% more properties to see year-over-year.

In summary, buyers will have different experiences with inventory depending on their price point, and therefore may have different behavior when it comes time to put together an offer.

Days on Market & Negotiability Factor

Days on market showed similar divergences to what we saw in inventory – while apartments between $1M-$2M saw an increase of 41% DOM, those under $500K and above $5M saw an increase of only 5% and 1%, respectively.

If you are in the market to buy or sell a Manhattan home, please reach out. We’d love the opportunity to be your trusted advisors.

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.