The Real Talk NYC Real Estate Podcast: Episode 64
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 May 2022. They discuss May’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 contracts signed, active listings, and days on market for May 2022. They also discuss what those factors mean for anyone in the market this summer, buyers or sellers.
The dip that began in April has continued through May of this year, due in part to the Memorial Day holiday weekend and a streak of gorgeous weather that has New Yorkers focused on the outdoors.
1,332 contracts were signed in May 2022, down 12% from April 2022 and 18% from May 2021. This marks the second year-to-year decline in contracts signed since August of 2020.
It’s important to remember that May 2021 was the second-highest May on record with over 1,600 contracts signed. This dip is somewhat expected and could in fact point to the market returning to more natural levels after the boom created by the covid-19 pandemic.
For the first time in 11 months, active listings declined by a single-digit percentage: 7%. In the previous 10 months, active listings had fallen by 10% or more year-to-year. There were a total of 7,272 active listings on the market at the end of May 2022.
Days on market, however, continue to signal a willingness to transact. The days on market fell 30% versus May 2021 and 3% versus April 2022 to a six-year low of just over 100 days.
This is happening in part due to the listings that aren’t moving not being placed under contract. The days on market statistic only gets locked in when a transaction is under contract, so it only represents apartments that actually move forward in the sale process.
This proves that the market will respond to apartments that are move-in-ready, unique in a positive way, or priced at a point that signals value. Buyers are being more choosy and careful with their purchases due to the economic climate, but they aren’t getting scared off entirely.
This is great news! Despite rising interest rates, inflation, and stock market turbulence are making buyers and sellers nervous, the market has not frozen up.
With the aid of an experienced and savvy real estate broker, you can still navigate a sale or purchase quickly even in this strange market.
If you have further questions about the statistics from May 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
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