Statistics

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.

Contracts Signed

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

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.

The Real Talk NYC Real Estate Podcast: Episode 70

In this episode, expert NYC real estate brokers John Gasdaska and Jonathan Conlon review Corcoran’s Manhattan real estate market report for October 2022. They cover contracts signed, active listings, days on market, and the trends suggested by these statistics.

Contracts Signed

There were a total of 796 contracts signed in October 2022, up 4% vs. September 2022, but down 42% vs October 2021. Given the economic volatility our country continues to experience and recently higher interest rates, the decline in YoY stats makes sense.

The total was 10% below sales in October 2019, and October 2022 was the second consecutive month where sales fell below the 2019 average of 850 deals/month.

Inventory

Inventory rose to the highest levels we’ve seen since June of 2021, at 7,511 active listings. This was a month-over-month jump of 830 listings, which was the highest such increase since the summer of 2020.

Days on Market

Days on market rose in October 2022 compared to October 2021, but the statistic was nearly flat compared to last month. While October’s 126 days on market ties it for the longest marketing time this year, it is still below the two-year average of 137 days.

The Real Talk NYC Real Estate Podcast: Episode 68

In this episode, expert NYC real estate brokers John Gasdaska and Jonathan Conlon review Corcoran’s Manhattan real estate market report for Q3 2022. The guys talk about contracts signed, active listings, days on market, and what they expect heading into the final quarter of FY 2022.

Watch the Video version of the podcast here:

Contracts Signed

There were a total of 2,576 contracts signed in Q3 2022, down 36% from Q2 2022 and down 29% vs Q3 2021. Although the year-to-year comparison is markedly down (-29% vs Q3 2021)between Q3 2021 and 2022, that’s to be expected. 2021 was an extremely unusual year in Manhattan real estate, and 2022 seems to be level setting across each quarter.

This shift from post-pandemic record-high deal activity brought the number of contracts in line with the Q3 average seen in the years since 2008. Contracts signed were also 13% greater than the third quarter average from 2018 and 2019.

Inventory

Inventory has fallen to its lowest third quarter level seen in five years in Q3 2022. It’s dropped 11% from Q2 2022.

As John and Jonathan discuss in the podcast, brokers across the city have not seen the expected bump in inventory that historically takes place in the fall market. This can be attributed to uncertainty on the part of both buyers and sellers in Manhattan, due to rising interest rates, stock market fluctuations, and other economic concerns.

Despite the uncertainty, Jonathan emphasizes that with a wide view of the rise and fall of interest rates, these rates are still relatively low. While it can seem like things are slowing down, ultimately it’s still a good time to buy a piece of real estate in Manhattan.

What This All Means For You

One thing to remember – you cannot use national real estate statistics to talk about Manhattan real estate. They are two completely different markets.

It’s important to make decisions about the market you are looking to buy or sell in based on the educated commentary or a trusted broker that lives and works in that market.

If you’re thinking about buying an apartment in NYC, it’s a great time to put in an offer. Both John and Jonathan continue to be optimistic about Q4 2022. Even though there is limited inventory, there are deals to be had – sellers are incredibly motivated.

If you have a mass-appeal apartment that you’re looking to sell, reach out! The limited inventory on the market right now means you are in a favorable climate.

If you have further questions about the statistics from Q3 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.

Resources

• Our collection of resources for buyers and sellers
• John’s Page
• Jonathan’s Page
• Like Our Facebook Page
• Follow Us On Our Instagram
• Watch Us On Our YouTube

Loved the episode? Leave us a review on Apple Podcasts!

To leave a review, on an iOS device:

1. Go to this link: https://podcasts.apple.com/us/podcast/the-john-jonathan-sell-nyc-podcast/id1522094866
2. Select ‘Listen on Apple Podcasts’
3. Then, select ‘Ratings and Reviews’
4. Finally, select ‘Write a Review’

Curious about our listings? See them here.

Want to get in touch? Reach out! We’d love to hear from you.

The Real Talk NYC Real Estate Podcast: Episode 67

In this episode, expert NYC real estate brokers John Gasdaska and Jonathan Conlon review Corcoran’s Manhattan real estate market report for August 2022. They cover contracts signed, active listings, days on market, and the trends suggested by these statistics.

Watch the Video version of the podcast here:

Contracts Signed

There were a total of 913 contracts signed in August 2022, up 8% vs. July 2022, but down 26% vs August 2021. Although the year-to-year comparison is markedly down between August 2021 and 2022, it’s important to keep in mind that 2021 was an extremely atypical year for apartment sales in Manhattan.

If you compare contracts signed in August between 2019 and 2022, things look much more normal. In fact, August 2022 was the seventh month this year where 2022 sales exceeded 2019.

We do want to note that the month-over-month statistics were a little odd between July and August, since we normally have a busier July and slower August. This just illustrates how while we’re trending towards ‘normalcy’, there will always be ups and downs in a market as complicated as Manhattan.

Inventory

As John said in this month’s episode, ‘We do not have a plethora of inventory.’.

Inventory has decreased both month-to-month and year-to-year, sitting at 6,519 in August 2022. This is in part due to sellers removing their apartments from the market, seasonality, interest rates, or the lure of renting their apartments instead.

Days on Market

Days on market fell 29% year-over-year to settle at 105, and fell 11% month-over-month. Apartments, if priced well, are transacting quickly – even faster than they were in 2019.

What This All Means For You

One thing to remember – you cannot use national real estate statistics to talk about Manhattan real estate. They are two completely different markets. While the rest of the country saw huge increases in pricing and a flurry of activity, we didn’t see that in Manhattan (to the same degree anyway).

It’s important to make decisions about the market you are looking to buy or sell in based on the educated commentary or a trusted broker that lives and works in that market.

If you’re thinking about buying an apartment in NYC, it’s a great time to put in an offer. Both John and Jonathan are optimistic about the Fall market. Even though there is limited inventory, there are deals to be had.

And if you have a mass-appeal apartment that you’re looking to sell, reach out! The limited inventory on the market right now means you are in a favorable climate.

If you have further questions about the statistics from August 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.

Resources

• Our collection of resources for buyers and sellers
• John’s Page
• Jonathan’s Page
• Like Our Facebook Page
• Follow Us On Our Instagram
• Watch Us On Our YouTube

Loved the episode? Leave us a review on Apple Podcasts!

To leave a review, on an iOS device:

1. Go to this link: https://podcasts.apple.com/us/podcast/the-john-jonathan-sell-nyc-podcast/id1522094866
2. Select ‘Listen on Apple Podcasts’
3. Then, select ‘Ratings and Reviews’
4. Finally, select ‘Write a Review’

Curious about our listings? See them here.

Want to get in touch? Reach out! We’d love to hear from you.

The Real Talk NYC Real Estate Podcast: Episode 66

Welcome to the Real Talk NYC Real Estate Podcast, where experienced, expert NYC real estate brokers John Gasdaska and Jonathan Conlon break down what’s happening in the market, what you need to know whether you’re a buyer, seller, or agent, and their personal insights into the future of the market, with a little bit of fun along the way.

In this episode, John Gasdaska reviews Corcoran’s Manhattan real estate market report for July 2022. He covers contracts signed, active listings, days on market, and the trends suggested by these statistics

John, one of the founding real estate experts of the Gasdaska Conlon Team, dives deep into the real estate statistics and what they mean for July 2022. He also sheds light on the implications of last month’s results for savvy buyers like our listeners.

There were a total of 845 contracts signed in July 2022. Although the year-to-year comparison doesn’t look great between July ’21 and ’22, we want to remind you that 2021 was an extremely atypical year for apartment sales in Manhattan. If you compare contracts signed in July ’19 to July ’22, we’re only down 2% year-to-year.

John G. cites a return to late summer travel combined with higher mortgage rates as the source of the slight slowdown the market is currently experiencing.

Inventory has decreased both month-to-month and year-to-year, sitting at 6,718 in July 2022. That’s 12% fewer apartments to choose from than buyers had in July 2019. This is in part due to sellers removing their apartments from the market. Sellers are generally removing their listings because of seasonality, interest rates, or the lure of renting their apartments instead.

Days on market fell 14% year-to-year to settle at 117. Month-to-month, that’s actually an increase of 21%. This is in large part due to the seasonality of New York real estate. We can all take a little comfort in the fact that days on market is now right in line with what it was in 2018.

If you’re in the market for a NYC apartment, this is your time to strike. As summer draws to a close and we’re returning to a more typical way of life, New Yorkers are traveling. This means buyers are experiencing less competition at the moment. It’s your time to shine- especially if a property has sat on the market for more than 4 months. That seller is going to be incredibly motivated and you could get yourself a great deal.

All in all, we are seeing exactly what the Gasdaska Conlon Team predicted early in 2022 – a return to pre-pandemic levels in regards to sales and inventory. The Manhattan real estate market is as resilient as ever, and it’s a great time to buy NYC real estate right now, before the boom of the fall market.

If you have further questions about the statistics from July 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.

Resources

• Our collection of resources for buyers and sellers
• John’s Page
• Jonathan’s Page
• Like Our Facebook Page
• Follow Us On Our Instagram
• Watch Us On Our YouTube

Loved the episode? Leave us a review on Apple Podcasts!

To leave a review, on an iOS device:

1. Go to this link: https://podcasts.apple.com/us/podcast/the-john-jonathan-sell-nyc-podcast/id1522094866
2. Select ‘Listen on Apple Podcasts’
3. Then, select ‘Ratings and Reviews’
4. Finally, select ‘Write a Review’

Curious about our listings? See them here.

Want to get in touch? Reach out! We’d love to hear from you.

The Real Talk NYC Real Estate Podcast: Episode 65

Welcome to the Real Talk NYC Real Estate Podcast, where experienced, expert NYC real estate brokers John Gasdaska and Jonathan Conlon break down what’s happening in the market, what you need to know whether you’re a buyer, seller, or agent, and their personal insights into the future of the market, with a little bit of fun along the way.

In this episode, John and Jonathan review Corcoran’s Manhattan real estate market report for Q2 2022. They discuss Q2’s trends and explain how that reflects what they’re seeing in their business (and hearing from other brokers).

The real estate experts of the Gasdaska Conlon Team dive deep into the statistics and what they mean for Q2 2022. They also discuss what those factors mean for anyone in the market in the back half of the year, buyers or sellers.

There were a total of 4,114 contracts signed in Q2 2022. Contract activity continues to indicate signs of normalizing versus the market of pandemic pent-up demand of 2021 and early 2022.

Corcoran cites high inflation, rising mortgage rates, stock market turbulence, recession fears, and the war in Ukraine as possible contributors to the slowdown the Manhattan market is currently displaying.

Inventory shot up in Q2 2022, with with 7,514 active listings total. This is a dramatic increase quarter over quarter, with Q1 2022 closing at 5,961 active listings. Going back further, inventory is at its lowest second quarter level since 2018 (excluding the market pause of 2020).

The higher than normal increase was likely caused by sellers listing for the Spring market but encountering some potential buyers taking a pause due to various market and non-market headwinds.

Days on market fell over 10% YOY for the fourth consecutive quarter to a four-year low of 109 days. Note, however, that 70% of contracts that closed in Q2 2022 were signed in the 12 months prior to the start of the quarter.

Days on market was quite consistent across price ranges in Q2 2022, ranging from roughly three months from $1M to $2M to about four months under $500K and from $3M to $5M. Over $5M apartments averaged just over five months on the market.

With the aid of an experienced and savvy real estate broker, you can still navigate a sale or purchase quickly even in this choosy market.

If you have further questions about the statistics from Q2 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.

Resources

• Our collection of resources for buyers and sellers
• John’s Page
• Jonathan’s Page
• Like Our Facebook Page
• Follow Us On Our Instagram
• Watch Us On Our YouTube

Loved the episode? Leave us a review on Apple Podcasts!

To leave a review, on an iOS device:

1. Go to this link: https://podcasts.apple.com/us/podcast/the-john-jonathan-sell-nyc-podcast/id1522094866
2. Select ‘Listen on Apple Podcasts’
3. Then, select ‘Ratings and Reviews’
4. Finally, select ‘Write a Review’

Curious about our listings? See them here.

Want to get in touch? Reach out! We’d love to hear from you.