Q3 2022

As promised in my Tuesday newsletter, here's another opportunity to treat yourself to the facts: The Compass Q3 2022 Manhattan Market Report, which shows a "return to normalcy" after an atypical 2020 and 2021.

Recorded Sales

While overall sales were down 9.3% compared to Q3 2021, the $5-10M and $20M+ price brackets saw YOY growth, up 11.2% and 21.1%, respectively. Compared to Q2, overall sales were up 11.8% but average price dropped 8.7% signaling the impact of rising mortgage rates and economic concerns.

Contracts Signed

The financial market trends were also reflected in 37.3% and 38.6% declines in signed contracts YOY and QOQ, respectively, returning to 2019 levels. The $3-5M price bracket saw the largest decline in activity, down 49.7% YOY and 47.8% QOQ, signaling caution by mid-level buyers.

Inventory

Total inventory of just over 7,100 active properties puts us up 14.9% YOY and 2.1% QOQ, but the number of new listings fell 17.4% YOY and 34.8% QOQ indicating caution amongst owners.

Caution is healthy in small doses as long as it doesn't lead to stagnation. If you're considering buying or selling right now, it's important to work with a trusted advisor who can help maximize your impact and power.

Call or email today with any questions you have!