MANHATTAN | JANUARY 2024
As we embark on the first market update of 2024, let's review the trends, shifts, and notable events that shape the financial landscape.
It was a challenging year for Manhattan's market in 2023. On an optimistic note, inflation and mortgage rates began to decline without a significant recession.
Pricing:
Manhattan prices are now comparable to levels seen in 2015 and 2016, with pricing in the fourth quarter adjusting to weaker demand and buyers’ lower purchasing power. The average and median price per square foot fell year-over-year for the second consecutive quarter — down 5% and 9% to $1,785 and $1,305, respectively.
Volume of Sales:
Sales fell annually for the fifth straight quarter in Fourth Quarter 2023, but less so than earlier this year.
Market-wide, closings fell 3% annually to about 2,800 sales and $5.47 billion in volume.
Resale co-ops Manhattan’s, largest product type, saw sales rise 2% YOY — the first annual increase since mid-2022.
Signed contracts fell 3% annually to about 2,300 deals, but many weeks in Q4 2023 were stronger than 2022.
​New Listings:
New listings hit a four-year low this fall as sellers, many locked into low mortgage rates, remained hesitant to list. As of mid-December, 6,385 units were actively listed in Manhattan — down 2% annually.
Days on the market:
Despite lower supply, concerns around the state of the market continued to hamper buyer urgency, with days on market up 6% annually. But well-priced properties still sold quickly.
In case you're interested, please check out the full report Manhattan 4Q market report.
As we welcome the new year and the possibilities it offers, we have carefully curated these city recommendations to help you kick off the New Year with a bang. Winter winds may chill the air, but within these pages, we hope to ignite the warmth of community, discovery, and shared stories. Here's to an exciting, prosperous, and exciting New Year!
Should you have any questions, I'd be glad to speak with you over the phone or meet up for coffee or tea.
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Cheers,
Cheryl.
