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.
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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.
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.
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