Weekly Manhattan Market Update for October 24, 2022

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395 new listings entered the market last week, up ~13% from the previous week (and still normal year-over year) to bring total inventory up ~1% from the previous week. The number of new listings entering the market each week continues to exactly track the previous nine-year average. Meanwhile, the number of pending sales has continued to decline for 20 of the last 22 weeks.

Zooming in, for the first time since July 1st the number of weekly new contracts signed was above 200. 215 contracts were signed last week – up 48% from the previous week, bringing the total for the month of October up to 740. Ending October at ~950 contracts signed would meet the historical seven-year average. While still in Buyer's Market territory, this MAY be a sign that the Market Pulse is finding its bottom. See: https://www.urbandigs.com/marketwide-charts/market-pulse/

In the luxury sector (>$4M), thirty Manhattan contracts were signed last week – the highest total since May 9, when 39 contracts were signed. Condos outsold co-ops 22-6, and 2 townhouses were in the mix. It was the second straight week of robust sales (totalling $211,246,989), continuing a two-week rebound from a three-week slide from September 19 to October 9.

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