It’s time for the NYC monthly sales market update! Here’s a look at some key numbers for June 2022 in Manhattan and Brooklyn.
The impact of rising interest rates may finally be showing itself in Manhattan. Contracts signed were down both year over year and month over month.
Prices were still strong, however. They were up year over year and month over month. And days on market declined significantly versus June 2022 – a good sign of continued buyer interest.
Sellers need to continue to be smart about pricing, since the negotiability factor is still just below asking at -1.9%.
Market softening was also evident in Brooklyn, where contracts signed were also down year over year and month over month.
But just like Manhattan, prices continued to rise (albeit modestly) and days on market ticked downward compared to the year before.
Sellers still hold a bit of an edge, but there’s signs it may be eroding. The negotiability factor dipped below 2% above asking to just 1.4% above asking.
It’s looking more and more like a market shift is underway. But the extent of the shift remains to be seen. Closed sales are a lagging indicator, so any shifts in prices won’t be seen for the next two to three months.
More and more buyers have been getting nervous about the market, with some even canceling transactions. And they might get even more spooked with talk of the Fed raising rates more aggressively in light of continued inflation.
But this may prove to be a great opportunity for buyers who are still in the market. Uncertainty means that sellers may be more willing to negotiate. So chances for great deals might be brewing!
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