Hello, and I hope the new year is off to a good start!
The Manhattan real estate market is where we'd expect it to be for January.
Contracts signed are down a typical 12% from last month and flat YOY.
See our contracts-signed-by-price-point chart below.
Some new inventory has slowly started to come back on at a typical 10% increase from last month, however we are down 4% from last year. Overall supply has been tightening for the last 6 years!
Between $10M-$20M, seventeen contracts were signed this month, twice as many as last month, but five less than this time last year.
Over $20M, the five contracts signed were above the seasonal average and flat YOY. We had seen an incredible spike of 19 contracts over $20M signed last October, the highest it has been in the last 18 years of data.
The spring market is just around the corner and we are in the listing preparation phase. Buyers start to come back in earnest in February leading into March.
Let us know what insights we can provide you!
Sending you my best as always,
Christian
MANHATTAN CHANGE IN CONTRACTS
