In this episode, expert NYC real estate brokers John Gasdaska and Jonathan Conlon review Corcoran’s Manhattan real estate market report and give their Q4 2022 Manhattan real estate market report analysis.
Here’s the short version of our analysis:
Closings equaled their fourth quarter average of the past 4 years, but contracts signed slowed down. Manhattan inventory rose slightly, and pricing figures were mixed.
The slowdown in sales was more pronounced in apartments priced above $2M – they dropped 31% annually. Buyers adjusted their budgets due to higher mortgage rates and economic uncertainty, meaning sellers had to become more negotiable if they wanted to transact.
Despite the macroeconomic challenges facing the Manhattan real estate market, the last three years have proven the resilience and enduring demand for Manhattan real estate, underscoring the strength of the long-term outlook.
But as always, there’s more to the story. Here’s our Q4 2022 Manhattan Real Estate Market Report Analysis:
Q4 2022 Manhattan Real Estate Market Report Analysis
Contracts Signed and Closed Sales
During the Fourth Quarter of 2022, Manhattan saw a total of 3,044 closings, which represented a 24% decline compared to the same period in the previous year. Despite the decrease, the number of closed sales in the Fourth Quarter of 2022 was higher than any fourth quarter from 2017 to 2020.
In terms of contract activity, the decline was even more significant, with just over 2,300 contracts signed during the Fourth Quarter. This represents a 43% decrease from the previous year and is the slowest Fourth Quarter for contract activity since 2008.
Inventory
Inventory in Manhattan rose 4% year-over-year for the first time after five consecutive quarters of decline, reaching over 6,500 listings. We still have low inventory though – this was still the second-lowest tally since 2017.
Demand at the low-end drove down inventory under $1M by 8%, while all price ranges above $1M had more listings than this time last year.
Days on Market
Total days on market in the Fourth Quarter of 2022 were shorter than the same period the previous year but longer than the previous quarter. We saw an increase of 20 days, which was the largest quarterly rise in days on market in the last 18 years.
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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.
The Q4 2022 Manhattan Real Estate Market Report clearly shows the market is in a state of transition, with shifting conditions and uncertainty – which we always say breeds opportunity.
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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