Weekly Manhattan Market Update for November 7, 2022

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273 new listings entered the market last week, down ~17% from the previous week (and still very normal year-over-year) to bring total total inventory down another ~1% 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.

184 contracts were signed last week – up ~10% from the previous week, but still under 200 and down from this week in both 2020 and 2019.

The number of unsold listings going off market (delisting) continues to remain high, as sellers who are unwilling to proceed at lower prices move to the sidelines: This is why price-per-square-foot charts in Manhattan remain flat in soft markets: (Interestingly, the 2020 post-covid reopening is barely noticeable on this $psf chart, despite the fact that transaction volume was down 40%-55% and listing volume exceeded 10,000 units.)

In the luxury sector (>$4M), fourteen Manhattan contracts were signed last week – four fewer than the previous week, and the second straight week of declining sales. Condos outsold co-ops 7-5, and two townhouses were in the mix.

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