May 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 May 2022 in Manhattan and Brooklyn.
Contracts signed were down both year over year and month over month for the first time since August 2020. But this isn’t quite cause for alarm considering that May 2021 was the second strongest on record for Manhattan.
Continued strength in the market was reflected in both price per square foot and days on market. Prices were up overall 10% versus last year, whereas days on market decreased by 30% year over year.
Sellers still needed to engage in prudent pricing, however, since the negotiability factor stood at 1.6% below asking.
In Brooklyn, contracts signed were down both year over year and month over month. But overall market activity was still stronger than pre-pandemic levels in 2019.
Prices were down slightly compared to April, but were up 3% versus last year. And days on market slid significantly – down 36% versus May 2021. Both indicate continued buyer demand.
And sellers continued to hold on to their edge, with the negotiability factor at 2.1% over asking.
May held up to its usual trend of being a strong month for sales. But there does seem to be a bit of a “market shift” happening.
This shift is likely to become even more pronounced in June thanks to the Fed’s higher than expected interest rate hike. And seasonality is likely to play a role as well.
It’s still too early to say if we’re heading back into a true buyer’s market, however. Especially since buyers now have less purchasing power than they’ve had in quite some time. But there’s likely to be some opportunities out there for buyers who keep their ears to the ground. And sellers who price conservatively are still likely to move their properties at a quick pace.