Our Q2 Manhattan Market Report

As promised, we’re pleased to share Compass’ Manhattan Market Report for the second quarter of 2022.  It sure was a busy one!  Closed sales volume jumped 18.6% from the previous year, and the average sales price increased to $2.1M.   That's because the first quarter, Jan.-March, was in retrospect the height of the market.  Most of those contracts signed in Q1 closed in Q2.

At the same time, the number of new signed contracts dropped by almost 25% from the previous year.  That sounds like a lot; but remember, 2021 was an over-the-top, exceptionally busy year.  The number of homes for sale increased, and price-wise, the average discount from the asking price was about 4%.

Here's what we expect to see over the coming months, based on what's happening now plus our many years of experience:

• The return of normal seasonality. That means a slower market from July through Sept., a busy Oct./Nov., and a quieter period over the holidays.

• A rebalancing of the power dynamic between buyers and sellers to something more equitable.

• Uncertainty about interest rates and the state of the world will sideline some buyers for a bit, but most of them will come back. In the interim that opens up opportunities for buyers who stay in the market right now. They'll have less competition for properties.

• A flight to quality for sellers and buyers. In a very active market, even not great agents can do well. Shifting markets like this one require agents with skills, experience, resources, and relationship to get the job done.

After nineteen years in the business (the last six years at Compass), we're more than prepared for any kind of market.  Please contact us and let us know how we can help you or someone you know.