It’s time for the NYC monthly sales market update! Here’s a look at some key numbers for January 2022 in Manhattan and Brooklyn.
To view the full NYC sales market monthly update for January 2022, click here.
Manhattan sales were off to an even better start versus 2021, with signed contracts up 4% year over year. But there was a significant decline month over month, most likely caused by the Omicron wave.
Nonetheless, there were other clear signs that buyer interest remained strong. Inventory was down 35% year over year; days on market were down 20% year over year; and the average price per square foot was up 9% versus January 2021.
But despite these metrics, it’s still not yet a “seller’s market,” since negotiability stood at 2.6% below asking, which was a slight increase year over year.
Brooklyn didn’t have quite as strong of a start to the year, with contracts down 6% year over year and 20% month over month.
But other metrics indicated that the market is still pretty active and healthy. Active listings decreased by roughly the same amount as in Manhattan (35%). Days on market also saw an annual decrease. And the average price per square soared by 25% versus January 2021. But this change might reflect more larger units being sold versus the previous year.
Brooklyn sellers don’t quite have a huge edge across the market, however. The negotiability factor for the borough stood at 0.7% below asking.
NYC is well past the worst of the Omicron wave, and many are eager to get the gears going again in many aspects. We expect to see more listings come onto the market in the coming weeks, especially in anticipation of the spring sales season. The market seems to have a lot of strength, but there is still the looming threat of interest rate increases. However, given how the market performed during the recent wave of COVID infections, brokers are more optimistic that the increases won’t put a damper on buyer interest too much in the coming months.
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