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November 25, 2022
in
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November 25, 2022
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Manhattan Real Estate Market Pulse

Residential sales is still a buyer's market

Riccardo RavasinibyRiccardo Ravasini
“Manhattanhenge”, ritorna il solstizio d’estate

ManhattanHenge, foto Terry W. Sanders

Time: 1 min read

The residential sales market is stabilizing in buyer’s market territory

The monthly activity stood at 727 signed contracts in October which is down compared to the 10-year historical average of 911 signed contracts for that month. The supply, which is the number of units available on the market, stands at 7,450, up just 1% from a year ago. So the supply trend is normal. While the number of pending sales, which is the number of units that are currently in contract, stands at 2,632. This value is 32.7% lower than a year ago. The result is a pending-to-active ratio or Market Pulse of 0.34, which indicates buyer’s market territory.

But what about the Luxury segment?

Last week 24 contracts were signed above the $4 million mark, 10 more than the previous week, with volume that doubled, reaching close to $220,000,000. So a strong week for the luxury segment, with wealthy players parking their cash in the safety of the Manhattan market.

The rental market remains strong

The median rental price for a Manhattan apartment is currently $4,300 and it has been hovering around the record- breaking $4,500 registered last July.

Will such a strong rental market be able to sustain the sales market? We’ll see.

(data source: urbandigs.com, olshan.com)

 

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Riccardo Ravasini

Riccardo Ravasini

Riccardo Ravasini è cresciuto in Italia, dove si è laureato in economia all’Università Bocconi di Milano. Dopo il trasferimento a New York, si è subito fatto affascinare dal settore immobiliare. La passione per il Real Estate unita all’esperienza e alla professionalità acquisita negli anni ha fatto sì che Riccardo sia diventato un punto di riferimento per i suoi clienti sia italiani che americani. Affiliato al network Compass Riccardo oltre che a New York è attivo anche nel mercato immobiliare di Miami. Riccardo Ravasini is a residential real estate agent based in New York City. Since 2008 he has led and managed an array of transactions and consulted a diversity of clients – from young professionals and families to individual investors, estates, corporations and more. In 2013, Riccardo became an active realtor in South Florida; his team offers investment properties in the Miami and Ft. Lauderdale markets to clients from all over the U.S. and the world. Riccardo is a graduate of Bocconi University.

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