Manhattan Market Update | March 2022

NYC Market Update
March 2022
Supply is up 6.7% from last month and there are currently 5,588 active listings in Manhattan. Historically, April and September have been our biggest listing months so we should expect a lot more supply come to the market by the end of the month.

Pending sales represents the number of apartments in contract and gives us a window into understanding the current demand. The number of pending sales stands at 4,364, its up 6% from last month but the pace of contracts signed week over week is on the slower side. Based on this graph the number of contracts signed has remained constantly between 4,000-4,500 since October 2021.

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. 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. Please reach out if you are curious about seeing the market pulse for any neighborhood in specific.

Look at the difference between Q1 2021 and Q1 2022. The number of sales closing below the asking price went from 89% to 74% and the number of sales closing above the asking price went from 5.75% of all sales to 14.97% of all sales. Its a telling figure to keep an eye on.

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


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