In this episode, expert NYC real estate brokers John Gasdaska and Jonathan Conlon review Corcoran’s October 2023 Manhattan Real Estate Market Report and give their analysis.
Here’s the short version:
In October 2023, 838 contracts were signed, up +5% year-to-year and up +35% month-to-month. Active listings also increased to 7,254 in October 2023, up +12% year-to-year, though down -3% month-to-month. Days on Market dropped to 125, a -1% decrease year-to-year and a -27% decline month-to-month.
October 2023 brought the first annual increase in contracts signed since April 2023, as well as the first decrease in Days on Market in a calendar year. Read on to dig deeper into these statistics and learn what they mean for your household.
As always, there’s more to the story. Here’s our full October 2023 Manhattan Real Estate Market Report Analysis:
October 2023 Manhattan Real Estate Market Report Analysis
In October 2023, 838 contracts were signed in Manhattan. The month-to-month increase of +35% is typical of seasonality when compared to the last 10 years worth of September to October stats.
The $5M+ segment of the market has continued to transact well, though it didn’t carry the market this month as it has in previous months. Their contracts signed are up +2% year-to-year and +33% month-to-month
The contract activity in Manhattan in October 2023 perfectly mimics October trends in the last ten years. The slight upturn we experienced this month is not something we expect to sustain through Q4, but we are hopeful that it bodes well for the Spring 2024 market.
Inventory in Manhattan in October 2023 rose to 7,254 listings, a +12% increase from September 2023 and a -3% decline year-to-year. Compared to the previous ten Octobers, this increase is only +1% higher than the average.
Turn-key listings and new developments aren’t lasting long in this market, because they are so few in number.
Days on Market
Days on Market dropped from 151 in September 2023 to 125 in October. That was a -17% decrease month-to-month. This is the first time in more than a year that Days on Market fell versus the year prior, dropping by -1%.
We still expect this number to jump as the estates and other apartments on the market that need significant renovation transact, but if you have an apartment that is ready to list with minor work, there are opportunities in this market.
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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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