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in
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January 22, 2023
in
New York
January 22, 2023
0

Manhattan Real Estate Market Pulse

Low sales, slow recovery in supply shield home values

Riccardo RavasinibyRiccardo Ravasini
Office Occupancy in New York Finally Hits 40%

New York city skyscrapers. Photo: Terry W. Sanders

Time: 1 min read

Residential market

The monthly contract activity stood at 599 in December, down 46.4% compared to last year and down 9.1% from the 788 historical average for the month of December.

The supply, which is the number of units on the market, stands at 5,860, up almost 2% from a year ago. While the number of pending sales, which is the number of units that are currently in contract, stands at 2,282; this value is 41.6% lower than a year ago. The Median Sales Price is $1,133,594, down -6% from last year.

With a “normal” level of supply and fewer sales, we have a pending-to-active ratio (or market pulse) of 0.39. This reminds us we are in a buyer’s market.

The fact that the inventory is not swelling due to the lack of sales activity is somewhat protecting real estate values and discounts are not as hefty as buyers would hope for.

 

Luxury Segment

Last week 18 contracts were signed above the $4 million mark, 3 more than the previous week, with a total asking price of $118,515,990. The most expensive contract signed was unit 1 at 55 Leonard Street, asking $11,995,000. The luxury segment proves to be the healthiest, outperforming the market as a whole.

 

Rental market

In December the rental activity dropped -4.7% compared to the previous year (3,179).

Rental prices have been adjusting downward for four of the past five months, in line with an expected winter slowdown. But the median price is still 17.2% higher compared to a year ago. So still a relatively solid rental market for landlords.

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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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