In this episode, expert NYC real estate brokers John Gasdaska and Jonathan Conlon review Corcoran’s Manhattan real estate market report for November 2022. They cover contracts signed, active listings, days on market, and the trends suggested by these statistics.
There were a total of 797 contracts signed in November 2022, up 0.1% vs. October 2022, but down 43% vs November 2021.
The total was just 4% below sales in November 2019. Higher price ranges faced the sharpest declines in activity, with $5M+ sales down by over two-thirds annually.
Inventory dropped 9% versus October 2022, making it the sharpest decline in active listings seen so far this year. This can be attributed to typical market seasonality since November marks the start of the holiday season.
Days on Market
The average days on market shortened slightly versus October, but marketing time lengthened annually for the second straight month.