Manhattan Real Estate Market Report: Q4 2022
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SPiRALNY market reports offer accurate insight into sales closed transactions. SPiRALNY produces a quarterly, comprehensive analysis of the Manhattan Real Estate residential market.
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The Fourth Quarter of 2022 represents a market in transition.
- It’s important to put 4Q 2022’s numbers in perspective. 4Q 2021 was one of the best quarters ever for Manhattan residential real estate, resulting in skewed figures.
- 4Q 2022 had more closed sales than every fourth quarter from 2017 through 2020, but sales were down 27% when compared to 4Q 2021.
- High-end sales above $2M dropped 31% annually, compared to a 22% decline in sales under $2M.
- New Development sales fell the least of all product types, due to several new properties commencing closings.
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As we saw in 3Q 2022, buyers are still gravitating towards value and homes priced on the lower end of the market, resulting in a decline of both median and average price.
- Median price fell 8% to $1.107M, however it matches the median price seen in 1Q 2021.
- Average price was down only 5%, due to increased activity on properties over $20M on Billionaire’s Row.
- The median price of resale co-ops was down 3% year-over-year as activity moved further uptown and into lower price segments.
- The median price for both new and resale condos fell 7% and 2% respectively due to an increased share of sales of homes under $2M.
- The average price per square foot for resale condos was $1,687 — the second highest fourth quarter figure in over a decade, even though there was a 12% YOY decline.
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After five consecutive quarters of annual decline, overall inventory across the city was up 4%. Buyers looking for homes with two or three bedrooms will have more options as we head into 2023.
- Active listings rose in two-thirds of Manhattan’s submarkets — Midtown and Upper Manhattan being the exceptions, with a 4% and 6% decline, respectively.
- Quarter-over-quarter, inventory was down 3%, yet this aligns with seasonal trends. Eight of the last 10 years saw single-digit declines between the third and fourth quarters.
- Gravitation towards value caused the number of available studio and one-bedrooms to fall by 9% and 2% respectively. In contrast, the number of listings for two and three+ bedroom units rose 10% and 9%.
- Resale co-op inventory declined 1% to 3,148 listings, the lowest fourth quarter since 2017 and the sixth consecutive quarter with a decline in inventory.
- Resale condo inventory increased in 4Q 2022, up 12% YOY.
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