Manhattan Market Report for Q1, 2023

New York is set for a spring awakening. Contract activity jumped 14.5% quarter-over-quarter in Q1. Buyers and sellers decided to move on with their lives after largely waiting on the sidelines during the second half of 2022.

Two thousand two hundred sixty-two apartments closed during the

year's first quarter, totaling $4.49B. This transaction volume is more in keeping with historical averages, rather than the frenzied pace that began in 2021. Today's market is more sustainable and balanced.

As for signed contracts, 2,235 co-ops and condos worth $4.46B went into contract in Q1. Signings accelerated in February and have been holding steadily ever since.

The persistent challenge is an inventory shortage. Homes that are accurately priced and turnkey are trading. All signs point to a continued market evolution, with consumers more willing to transact. Manhattan real estate remains a valued asset class. We're looking forward to a busy next few months.

Please contact us for the full report.