The Real Talk NYC Real Estate Podcast: Episode 66
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 Gasdaska reviews Corcoran’s Manhattan real estate market report for July 2022. He covers contracts signed, active listings, days on market, and the trends suggested by these statistics
John, one of the founding real estate experts of the Gasdaska Conlon Team, dives deep into the real estate statistics and what they mean for July 2022. He also sheds light on the implications of last month’s results for savvy buyers like our listeners.
There were a total of 845 contracts signed in July 2022. Although the year-to-year comparison doesn’t look great between July ’21 and ’22, we want to remind you that 2021 was an extremely atypical year for apartment sales in Manhattan. If you compare contracts signed in July ’19 to July ’22, we’re only down 2% year-to-year.
John G. cites a return to late summer travel combined with higher mortgage rates as the source of the slight slowdown the market is currently experiencing.
Inventory has decreased both month-to-month and year-to-year, sitting at 6,718 in July 2022. That’s 12% fewer apartments to choose from than buyers had in July 2019. This is in part due to sellers removing their apartments from the market. Sellers are generally removing their listings because of seasonality, interest rates, or the lure of renting their apartments instead.
Days on market fell 14% year-to-year to settle at 117. Month-to-month, that’s actually an increase of 21%. This is in large part due to the seasonality of New York real estate. We can all take a little comfort in the fact that days on market is now right in line with what it was in 2018.
If you’re in the market for a NYC apartment, this is your time to strike. As summer draws to a close and we’re returning to a more typical way of life, New Yorkers are traveling. This means buyers are experiencing less competition at the moment. It’s your time to shine- especially if a property has sat on the market for more than 4 months. That seller is going to be incredibly motivated and you could get yourself a great deal.
All in all, we are seeing exactly what the Gasdaska Conlon Team predicted early in 2022 – a return to pre-pandemic levels in regards to sales and inventory. The Manhattan real estate market is as resilient as ever, and it’s a great time to buy NYC real estate right now, before the boom of the fall market.
If you have further questions about the statistics from July 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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