In this episode, expert NYC real estate brokers John Gasdaska and Jonathan Conlon review Corcoran’s July 2023 Manhattan Real Estate Market Report and give their analysis.
Here’s the short version:
First, in July 2023, just over 800 contracts were signed, down -4% year-over-year and -18% from last month. Second, just over 6,200 active listings were available in July 2023, a -15% drop from the previous month and a -7% decline from last year. Third, days on market rose +11% month-over-month and +16% year-over-year.
Rising interest rates and summer travel may be contributing to the decrease in both contracts signed and inventory in July 2023 – read on to find out how!
But as always, there’s more to the story. Here’s our full July 2023 Manhattan Real Estate Market Report Analysis:
July 2023 Manhattan Real Estate Market Report Analysis
Contracts Signed
Only 809 contracts were signed in Manhattan in July 2023. The annual decline of -4% was driven by -17% fewer condo contracts, while co-op activity was actually up +7% year-over-year. Although sales did fall annually, this month’s decline is the smallest since April 2022, just before mortgage rates began to climb.
Inventory
Inventory in July 2023 dropped to 6,221 listings, a 15% drop from the previous month and a 7% decline from last year. This represents the third annual inventory decline this year, with potential sellers still hesitating to list, likely the result of being locked into favorable mortgage rates.
In summary, sellers with turn-key ready apartments will find themselves well-positioned moving into the fall market. Similarly, if you are planning on listing an apartment that needs work, the price needs to be finely tuned to be attractive to buyers who are being more choosy due to interest rates.
Days on Market
Days on market increased by double digits compared to last year (+11%) and June 2023 (+16%). July 2023 marked the tenth consecutive month of yearly growth in average days on the market.
As New Yorkers return from their summer travels and realize they might need to lock in interest rates before they rise once again, we are hopeful days on market will decline once again, signaling the beginning of the fall market.
If you are in the market to buy or sell a Manhattan home, please reach out. We’d love the opportunity to be your trusted advisors.
Looking for more resources? Check out our dedicated Buyer and Seller info pages!
Why We Host This Podcast:
We have been in this business long enough to know that knowledge is power. That’s why we conduct an in-depth analysis of the Manhattan real estate market every month, quarter, and year and provide an easy-to-understand synopsis of the full report in several different formats – all so you can stay informed.
Our team of experienced real estate professionals closely monitors market trends and provides our clients with the latest and most relevant information available. With this information, our clients are able to make informed decisions about buying and selling properties in Manhattan, which helps them stay ahead of the curve and make the most of their real estate investments.
Understanding the trends and changes in the market can help you make informed decisions. You gain insights into supply and demand, pricing, and market conditions that can influence the value of your property. Just by being aware of market trends and conditions, you’re better off than most other buyers and sellers, and you can make strategic moves that can lead to a successful real estate transaction.
If you’re considering buying or selling a Manhattan property, now is the time to take action. Our team of expert real estate agents and brokers can help guide you through this market, leveraging our extensive knowledge and experience to help you make informed decisions.
So, why wait? Reach out to us today and let us help you achieve your real estate goals!
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