Q1 2023

Dear Friends and Family,

All signs point to a spring awakening. After a frenzied 2021, and a cooler 2022, the market is returning to historical averages. This indicates that both buyers and sellers are accepting current conditions and moving forward with a transaction when it’s right for them. The hurdle continues to be inventory. Turnkey properties that are priced appropriately are trading.

Check it out in the Q1 2023 Manhattan Market Report.

**Recorded Sales**

2,262 properties sold in Q1 2023, a 35% decline year over year, but keep in mind that in Q1 2022, interest rates were significantly lower. Despite fewer sales, overall average price was up 10.9% YOY. The luxury sector ($20M+) soared with a 200% increase in sales YOY!

**Contracts Signed**

While the number of contracts is down 32.1% YOY, overall, it is up 14.5% quarter over quarter—39.4% in the $5M-$10M range. This uptick indicates a rebound in the market from a slow Q4. The average price of condos dipped compared to Q4, but the average price of Co-ops is up 9.1%

**Inventory**

The number of active properties listed continues to hover around 6,000. Units priced $1M-$3M make up 37.1% of all listings, a 6.7% increase YOY. A small increase of 4.9% QOQ likely shows sellers are becoming more comfortable with market conditions, but no matter what, the demand in New York City outpaces the supply.

If you have any questions about this data or would like to understand whether now is the right time for you to buy or sell, give me a call. I’m available anytime.

And be sure to check out our Q1 2023 Penthouse Report or find more stats at tonihaberteam.com/market-data.