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.
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