In this episode, expert NYC real estate brokers John Gasdaska and Jonathan Conlon review Corcoran’s Manhattan real estate market report for November 2022. They cover contracts signed, active listings, days on market, and the trends suggested by these statistics.
Contracts Signed
There were a total of 797 contracts signed in November 2022, up 0.1% vs. October 2022, but down 43% vs November 2021.
The total was just 4% below sales in November 2019. Higher price ranges faced the sharpest declines in activity, with $5M+ sales down by over two-thirds annually.
Inventory
Inventory dropped 9% versus October 2022, making it the sharpest decline in active listings seen so far this year. This can be attributed to typical market seasonality since November marks the start of the holiday season.
Days on Market
The average days on market shortened slightly versus October, but marketing time lengthened annually for the second straight month.
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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.
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