The Manhattan Real Estate Market is Still Strong

We've been driving home the same message for several weeks now: despite the war in the Ukraine and rising interest rates, the Manhattan sales market remains strong.  Maybe buyers are trying to lock in rates before they get even higher, or maybe it's just FOMO, but we're definitely in a high-transaction market.

April is traditionally one of the two highest listing months (the other is September).  True to form, over the last couple of weeks an increasing number of homes have come on the market.  It's still not enough to satisfy demand.

As for sales volume, about 1,400 contracts were signed in the last four weeks.  Historically we'd have seen around 1,100.  That's a 27% increase!  

Price-wise we're still at 2019 levels, with the median discount from the asking price 3.7%. If a listing is lingering and there doesn't seem to be anything wrong with it, it's simply priced too high (sellers take note).

That brings us to a tip for buyers.  If you're frustrated by the lack of inventory, look for homes above your price range that have been on the market at least 30 days (the longer the better).  You might find a gem and a seller ready to negotiate.