The Randy Baruh team here with the Manhattan Q3 report!
Both the Manhattan and Brooklyn markets are seeing a return to their pre-pandemic numbers. After a brief plummet in early/mid-2020 the numbers skyrocketed, hitting a peak in early 2021 and remaining high for the next year. While the market is seeing a substantial dip, overall averages across the board are higher than the pre-pandemic averages.
Manhattan is booming! Q3 2022 is the second strongest third quarter for sales since 2013 despite mortgage rates rising and concerns about inflation.
Manhattan pricing has started to stabilize, making it a wonderful time for buyers, especially those looking for lower-priced homes as. But this shouldn't discourage any sellers out there! Average days on market fell to under 90 days for the first time since 2016, meaning that while the supply of homes might be low, demand is high as ever.
Even though closed sales and sales volume have dropped by 4% each, we’re still breaking records. With 4,485 sales, this is the sixth consecutive quarter with over 4 thousand closings, something that hasn't happened since 2008 which makes Q3 the fourth-best quarter.
As with Brooklyn, the slight decrease in sales, volume, and contracts signed is simply the market returning to where the average was before the post-pandemic housing frenzy. For example, 2,576 contracts were signed, which is on par with this time of year in 2016 and 2017 and surpassed 2018 and 2019! Nothing to worry about as a buyer or a seller!
For more information on the Brooklyn housing market, check out our Brooklyn Q3 blog post.
At a glance:
- 4,485 closed sales
- 2,576 contracts signed
- -86 average days on market
- 6,681 homes in the inventory
- $1.180M median price
- $1,877 Average price per square foot
Read the full report at the link here.