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.
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