Weekly Market Update

Weekly Manhattan Market Update for October 31, 2022

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330 new listings entered the market last week, down ~16% from the previous week (and still very normal year-over-year) to bring total total inventory down ~1% from the previous week. The number of new listings entering the market each week continues to track the previous nine-year average.

167 contracts were signed last week – down ~22% from the previous week and down from this week in both 2020 and 2019. Today we're at ~770 new contracts for the month of October, which off from the historical average by ~120 contracts. However, the thirty-day Contracts Signed pace is beginning to increase (more contracts were signed in the second half of the month than the first), which may indicate that Contracts Signed volume has found bottom support.

Reversing a two-week surge in the luxury sector (>$4M), eighteen Manhattan contracts were signed last week – twelve fewer than the previous week. Condos outsold co-ops 12-5, with 1 townhouse in the mix. Dollar volume for these eighteen contracts totaled $119,624,500, down from $211,246,989 the previous week. 

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