Q4 2022

Dear Friends and Family,

Looking back at 2022, and more specifically at Q4, it is clear that the market is rebalancing. Despite doomsday narratives, 2022 was one of the strongest years in the last decade with more transactions than 7 of the past 10 years. While 2020 and 2021 were anomalous, last year saw steady growth compared to pre-pandemic levels.

Check it out in the Q4 2022 Manhattan Market Report.

Looking at Q4, overall sales volume dipped 22.5% year-over-year (YOY) and 17.8% quarter-over-quarter (QOQ) due to high levels of uncertainty over inflation and rising mortgage rates. Even so, the average sales price in Manhattan rose 8.2% YOY indicating the continued value of living in our global capital. Also increased was the number of transactions between $10M and $20M (+16.9% YOY), showing that high net worth buyers are still transacting despite economic uncertainty.

Recorded Sales

Average sale price rose 3.2% YOY lead by the strong luxury market which saw a 21.9% increase in sales volume of properties priced $10M-$20M. On the other hand, the median price dropped 3.5% YOY due to a 27.6% YOY decline in sales volume of properties priced $1M-$3M.

Contracts Signed

While contracts signed for condos dipped 53.5% YOY and 20.9% QOQ, Co-ops only saw 37.0% and 0.7% dips, respectively. Co-ops are often cheaper than similar condo offerings, showing a shift in buyer activity in response to rising interest rates and economic uncertainty.

Inventory

New listings were down overall, 27.6% YOY and 23.1% QOQ leading to 5,759 active listings for the quarter. Listings priced $1M-$3M (38.1% of all listings) saw a 16.0% growth YOY. While studio inventory fell to its lowest level since 2019, 2-bed inventory saw their highest market share.

As we continue to see recalibration into 2023, it is clear that New York City is strong and will continue to thrive because there is no place like it in the world.

Call or email today with any questions you have or check out tonihaberteam.com/market-data for the latest stats and figures.

All the best,

Toni Haber

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