It’s time for the NYC monthly sales market update! Here’s a look at some key numbers for April 2022 in Manhattan and Brooklyn. Click here to view the previous monthly market update.
To view the full NYC sales market monthly update for April 2022, click here.
Contracts signed were down both year over year and month over month for the first time since August 2020. But market performance overall was still strong compared to both 2019 and 2020.
Days on market were down significantly year over year (29%) signifying that many sellers have at last “found the market” when it comes to pricing.
And speaking of prices, the news was good for sellers, with the average price per square foot up 3% year over year and 7% month over month. But sellers still can’t get too overconfident, since the negotiability factor stood at 0.8% below asking.
Brooklyn saw the same pattern for contracts signed as Manhattan – both were down year over year and month over month. But the market overall still outpaced 2019 and 2020.
Days on market were down steeply (27%) and so were active listings (down 33%) which means that the month of April was still quite challenging for would be buyers.
Sellers continued to have more of the upper hand. Prices were up 9% versus last year and the negotiability factor stood at 1.9% above asking – one of the clearest signs yet of a seller’s market.
It’s too early to say if April’s sales volume declines were due to rising interest rates or not. They most likely did play a role (especially given the size of the Fed’s recent interest rate hike), but buyer fatigue may also be a leading factor.
We’re more likely to see if a trend is developing once May’s numbers are out. May is traditionally still a strong month for sales, since it marks the end of the “spring” sales season. However, it’s not unusual for sales to slow down this time of year as we approach Memorial Day weekend and the unofficial start of summer. So if we see significant declines, then it’ll be a sign that something is up.
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