168 new listings entered the market last week, down 22% from the previous week (and still very normal year-over-year) to bring total inventory down another 1.5% from the previous week. The number of new listings entering the market each week continues to track seasonal averages, and is almost exactly matching 2019 levels. This number is expected to continue to seasonally decline a little each week until January.
145 contracts were signed last week – up 15% from the previous week, but still under 200 and down from this week in 2020, 2019 and the previous nine-year average. Alongside a four-week flattening of the pending sales curve, this unexpected tick up last week appears to be an indication of bottom support. If the next few weeks show no further deviations, we believe that last week will mark the end of the Covid / post-covid narrative of pent-up demand followed by record-breaking contract volume (fueled by massive liquidity,) then the return to equilibrium. 2023 will be the beginning of a new narrative.
In the luxury sector (>$4M), twenty-one Manhattan contracts were signed last week – seven more than the previous week. Condos outsold co-ops 14-3, and four townhouses were in the mix.