350 new listings entered the market last week, down ~15% from the previous week (which is normal year-over year) to bring total inventory up ~2% from the previous week. The number of new listings entering the market each week continues to exactly track the previous nine-year average, which simply means that inventory levels are tracking normally.
Meanwhile, the number of pending sales continues to decline for 19 of the last 21 weeks, and we expect this trend to continue for another month or so as the market resets.
Zooming in, 145 contracts were signed last week – down 9% from the previous week. Compared to historical averages and performance in 2021, 2020 and 2019, this number is supposed to be rising. Ending October at ~950 contracts signed would meet historical averages, but we're on pace to finish the month at in the upper 600 range as buyers continue their shift to "risk off."
In the luxury sector (>$4M), twenty-four Manhattan contracts were signed last week – double the previous week's total , snapping three straight weeks of decline. Condos outsold co-ops 15-5, and 4 townhouses were in the mix. Six contracts were >$10M – the highest number of trophy properties sold since the week of May 9, when seven were sold.