The Real Talk NYC Real Estate Podcast: Episode 70
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.
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 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.