Weekly Market Update

Weekly Manhattan Market Update for November 14, 2022

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283 new listings entered the market last week, up 3.6% from the previous week (and still very normal year-over-year) to bring total inventory down another .7% from the previous week. The number of new listings entering the market each week continues to track the previous nine-year average, and this number is expected to continue to seasonally decline a little each week until January.

185 contracts were signed last week – up one contract from the previous week, but still under 200 and down from this week in both 2020 and 2019. 

The good news is that contract volume over the past four weeks (2nd half of October and first half of November) is at 821, which is closer to the historical average (~880 contracts) for a typical autumn month than the previous four weeks had been, when contract volume was down in the mid-600’s.

In the luxury sector (>$4M), twenty-four Manhattan contracts were signed last week – ten more than the previous week, for $219,070,990 of dollar volume. Condos outsold co-ops 10-6, and four townhouses were in the mix.

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