Manhattan Market Update: May 8, 2024

There are over 7,100 properties up for grabs in Manhattan, but the flow of new listings appears to be slowing. It looks like we might hit the spring market inventory peak a little earlier than usual this year.

The number of contracts signed was down by 4.5% over the last 30 days, probably due to interest rate wobbles. Last week, we saw 471 new listings and just 202 deals signed, hinting at a market slowdown. While things are better than they were a few months back, the 1,225 price reductions in April tell us that the market could be cooling off earlier than usual, giving buyers some extra bargaining power. Sellers, it might be time to think about pricing strategies in response to these changes.