Manhattan real estate market, including new inventory, contract activity, and market trends.
In Manhattan, the inventory of new apartments, townhouses, and single-family homes for sale increased from the previous month. As of June 19, 2023, there were 7456 active listings, marking a 1.6% reduction compared to last month and a 2.7% decrease compared to the previous year. Despite the decline, 1143 of the new listings garnered signed contracts, leaving a net gain of 612. These numbers indicate buyer demand is still strong. Buyers faced higher interest rates, but there needed to be more inventory to satisfy demand.
The number of signed contracts in Manhattan rose significantly from April to May 2023 - from 848 to 1,143. However, even with this increase, the figure still fell 1.55% short of that seen in January (597) and March (prior year: 1,493; current year: 1,301).
Manhattan's Market Pulse measured 0.44 as of June 19, 2023, indicating a market that is still relatively weak but growing stronger each month. With Market Pulse between 0.375 and 0.5, Manhattan's market is deemed Neutral, while values above 0.50 indicate a shift into Sellers' Market territory.
The Median Discount measures negotiability: the difference between the original asking price and the contract price.
In Manhattan, the median discount for May 2023 was 5.7% for all property sizes. It dropped from 6.4% in April and 6.2% in March. Values were higher than 4.5% in December 2022.
However, negotiability varied across property sizes.
Prices are tightening with less overall negotiability, the first drop since June 2022. The question now is whether negotiability will continue this trend next month.
Manhattan real estate saw a strong buyer surge at the start of the year, but traffic slowed in May and June. The trend line is flat, and average open house attendance is down. June contract signings will clarify if buyer demand is weakening.
