Q3 2023

Dear Friends and Family,

Maintaining its crowning status as a real estate capital, Manhattan remains a highly sought-after market. Despite experiencing the highest mortgage rates of the last two decades, there were 2,788 closed sales in Q3, an 11.3% increase over quarter-over-quarter (QOQ).

Uncertainty over the future of interest rates continues to weigh on buyers and sellers, contributing to a lower than normal inventory. Buyers continue to seek and demand new and luxury developments. Contracts over $20M surged by 300% year-over-year (YOY), showing that the upper tiers of the market remain strong.

Q3 was very strong, especially for the downtown Manhattan market. Read on to learn more or check out the complete Q3 2023 Manhattan Market Report or Penthouse Report.

Recorded Sales

A strong performance in Q3, with a 11.3% increase in sales from Q2. The average PPSF increased 4.5% YOY, and the average price grew 5.3% to now over $2M.

Downtown continued to be the most sought-after, accounting for 29.3% of sales, and with a 10.2% increase in median price YOY. Units with 4+ beds saw an even larger 45.9% increase YOY and 34.4% QOQ in median price.

Contracts Signed

The number of contracts signed remains below the elevated levels of 2022, when interest rates had yet to rise significantly. While there were 9.3% fewer contracts signed compared to last year, the average price rose by 6.2% YOY. Co-ops continued to outperform condos, with contracts signed declining by only 1.1% YOY compared to 18.8% for Condos.

Inventory

Inventory remains lower than normal, falling by 4.9% YOY, with the ultra-luxury ($10M+) market down 7.0% YOY. New listings continued to be limited, down 14.4% YOY, highlighting the difficulty buyers face in this competitive market segment. The average price of a listed condo was $4.2M, with the median price rising by 4.0% YOY, showing continued price resilience.

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.

All the best,

Toni Haber

Licensed Associate Real Estate Broker
Founder, Toni Haber Team | Private Client Advisors
TONI@compass.com | 917.543.1999