Q2 2023

Despite continued financial headwinds, Manhattan remains a highly sought-after destination, prompting buyers and sellers to recalibrate their expectations in line with current market conditions. And already Q3 is off to a great start with 23 Contracts signed over $4M the week of July 4th, which on average only sees 19 contracts signed.

Q2 was also one of the strongest for the Manhattan penthouse market. Read on to learn more or check out the complete Q2 2023 Manhattan Market Report or Penthouse Report

Recorded Sales

After a slow Q1, we saw a 32.2% jump in recorded sales QOQ but still 32.6% lower than Q2 2022. As mortgages rates rise, the number of all-cash transactions grew. This included a $53M Chelsea penthouse. Overall, the $5M-10M range saw the most QOQ growth, capturing 6.2% of all sales, the highest on record in 10 years

Contracts Signed

Contracts, which more reflect the current conditions, show an even stronger market with only a 21.7% decrease YOY. Coops outshined Condos with higher price increases (9.2% YOY vs 6.0%), and less decline in number of signed contracts (20.1% YOY vs 23.8%). Again the $5-$10M market was strong, the only range to see YOY growth, up 17.2% over Q2 2022.

Inventory

Preparing for summer, we saw a 9.5% increase QOQ in inventory, but this is a smaller spike than previous years and represents a 6.7% decrease YOY. New listings were also down YOY (18.8%) but up 28.7% QOQ, driven by an increase in new coop listings, especially on the UES which represented 21.6% of all inventory.

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 tonihaberteam.com/market-data for all of the latest data and trends.