February 2022 NYC Monthly Sales Market Update
It’s time for the NYC monthly sales market update! Here’s a look at some key numbers for February 2022 in Manhattan and Brooklyn. Click here to view the previous market update.
To view the full NYC sales market monthly update for February 2022, click here.
Manhattan continued its strong start to 2022. Although signed contracts were up only 7% year over year, that’s still an impressive figure considering that February of last year was one of the best since 2013. And February 2022 improved on January’s numbers to the tune of 30%.
Other metrics also pointed to a strong market – days on market were down 31% year over year; and the average price per square foot was up 10% versus February 2021.
But it’s still not quite a seller’s market throughout the borough, since the negotiability factor stood at 2.8% below asking. This serves as a reminder that the market is still quite price sensitive.
Brooklyn also continued its good start to the year, with a month over month increase of 37% for signed contracts and a 3% increase versus February 2021.
Similarly to Manhattan, days on market ticked down by 30% year over year, and the price per square foot for the borough was up by 21% compared to February 2021.
But once again, sellers haven’t fully wrested control (except, perhaps in the townhouse market). The negotiability factor stood at 0.2% which was basically flat month over month.
There’s far more uncertainty in the world versus the previous month, when Omicron was clearly receding and people were looking ahead to getting back to a semblance of normal. The war in Ukraine has shaken up global markets, and the potential cascading effects are just starting to materialize. Additionally, inflation doesn’t seem to be showing any signs of abating, meaning the Fed is likely to stick closely to their plan of raising rates several times this year. March does typically signal the start of the busy spring sales season, so buyers may see a bit of relief in terms of choices. But it’s unclear exactly how much relief.
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