Last month units in the big city ran at half their normal speed.
According to New Douglas Elliman and Miller Samuel DataThe Manhattan condo and co-op markets were sluggish in January, both down about half compared to the same month a year ago. Specifically, the report noted that 186 condo contracts were signed in January 2023, a decrease of 51.2% compared to 381 in January 2022. 492 to last Jan.
Why the sudden slowdown? The report’s author, appraiser Jonathan Miller, points to supply constraints and the boomerang economic environment surrounding increased interest rates to combat sluggish inflation. Unfortunately for buyers, the numbers don’t point to more bargains in the near future.
“Usually when a market pivots and sales decline, inventory levels increase. But that’s not happening, and so this time is a little different,” Miller explained to the crane, “We do not expect prices to adjust rapidly.”
Across the river the situation is similar in Brooklyn, where co-op contracts were found to be down 55.8% last month compared to January 2022. Those numbers show that 46 cooperative contracts were signed this January, compared to 104 last year. Condo contracts were down a higher 63.6%, with 86 open this January compared to 236 in January 2022.
Although contract reports point to a soft market, another new Douglas Elliman report charting the past decade of Manhattan sales puts today’s significant percentage change into perspective—showing how much prices have changed over the past 10 years. developed.
Indeed, the fact is that apartments are currently half as hot as they were last year, when the median sale price of a Manhattan flat soared from 2013 to $340,000. The average Manhattan apartment stayed on the market for 121 days — a number that’s set to drop from less than a month to 76 in 2022, according to Elliman. sale of the manhattan decade Report.