Manhattan Market Update | Feb 2022

NYC Market Update

The number above represents the total number of active sales on the market in Manhattan. Pre-Covid supply levels in Manhattan were around 10,000 +/- whereas today's supply is half that number. The market is trending down even though we are still missing a few buyer segments that have not come back since 2020. For example, the international buyer is not currently engaging in NYC real estate at the levels we saw pre-2020.
I would say a third of the buyers in today's market are currently renting and have been renting for a long time. People are tired of the instability of the rental market and have decided to put their money towards home ownership.

Pending sales represents the number of apartments in contract. This number has been treading up while supply has dipped in the past few months. We should expect to see this number increase as NYC lifts all covid restrictions, inviting a lot of people who fled back to the city.

The market pulse is a helpful indicator to let us know whether we are in a sellers market, a buyers market or a neutral market. The closer this number is to 1+ the more its leaning towards a seller's market. An equilibrium or neutral market is between .55 -. 65 so anything below this range is a buyers market and anything above leans towards a sellers market. Manhattan as a whole is a seller's market but keep in mind that it is always better to track this to the neighborhoods you are looking to buy in or the neighborhood you own in. For example, the West Village has a strong seller's market pulse whereas Hells Kitchen has a market pulse of .48, indicating a buyers market. Please reach out if you are curious about seeing the market pulse for any neighborhood in specific.

I don't remember the last time I saw this data ticker in this range with 14.7% of all sales selling above the asking price. Lets just say its been awhile. This is a pretty good indicator that home sales will be treading up in the foreseeable future.

If you'd like to see any other information or have thoughts of selling or buying please reach out. I am here to help.

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