The Real Talk NYC Real Estate Podcast
In this episode, expert NYC real estate brokers John Gasdaska and Jonathan Conlon review Corcoran’s Manhattan real estate market report for October 2022. They cover contracts signed, active listings, days on market, and the trends suggested by these statistics.
Contracts Signed
There were a total of 796 contracts signed in October 2022, up 4% vs. September 2022, but down 42% vs October 2021. Given the economic volatility our country continues to experience and recently higher interest rates, the decline in YoY stats makes sense.
The total was 10% below sales in October 2019, and October 2022 was the second consecutive month where sales fell below the 2019 average of 850 deals/month.
Inventory
Inventory rose to the highest levels we’ve seen since June of 2021, at 7,511 active listings. This was a month-over-month jump of 830 listings, which was the highest such increase since the summer of 2020.
Days on Market
Days on market rose in October 2022 compared to October 2021, but the statistic was nearly flat compared to last month. While October’s 126 days on market ties it for the longest marketing time this year, it is still below the two-year average of 137 days.
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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