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Is Manhattan Real Estate Collapsing?

Is Manhattan Real Estate Collapsing?

IT’S ALL ABOUT CONTEXT….

Do not let the decline in contract activity fool you into thinking Manhattan real estate is collapsing. How quickly we forget Q2-2022 was the 4th highest quarter in history. The market has been experiencing a natural shift into a normal pace since the second half of the Q2-2022.

Contract Activity Q2-2022 and Q3-2023 were historically robust. We have been experiencing a leveling off of activity into a more normal pace.
Q3-2022 contract activity is up +7.1% from Q3-2019.
Q3-2022 is slightly down -6.4% from average historical activity.

Now, halfway through the 4th quarter, it seems like there has been a slight increase in activity heading into the holidays most likely a result of the mid-term elections behind us and a moderation in inflation. A good word to describe this market is fair. Buyers and sellers making “fair” deals are transacting and both sides are winning.

***We love talking real estate. Please feel free to reach out to us with any and all your real estate questions.

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