Hello, New York City real estate buyers and sellers! Welcome to this week’s Manhattan market update, where we’ll explore crucial statistics to help you navigate the current real estate landscape. It’s your trusted New York City real estate resource.
Manhattan Real estate Current Market Overview
As we dive into the fall season, there are some interesting trends to note. Our analysis focuses on several key metrics:
- Supply: This week, the supply of listings is up by 5%, totaling 6,467 properties on the market. This figure reflects a healthy supply for the fall season, providing plenty of options for buyers.
- New Listings: New listings have decreased by 3.8% compared to last year. However, this is still a strong figure, especially since many sellers waited until after Labor Day to list their properties.
- Contracts: Properties that went into contract this week have surged by 21%. This aligns closely with previous years, except for the standout year of 2021 when sales were exceptionally high.
Understanding Liquidity
Liquidity, which assesses the relationship between supply and demand over a 30-day period, has decreased by 5.5% this week. This decline is logical given the significant number of properties going into contract, resulting in fewer homes on the market. Despite this dip, liquidity remains robust for the fall season.
Market Pulse Insights
The Market Pulse, which indicates whether the market favors buyers or sellers, stands at 3 this week. This suggests a slight bias toward buyers, although conditions can vary significantly by neighborhood. For instance, while the Upper West Side may be leaning toward sellers, other areas could show a different trend. It’s essential to understand the dynamics in each specific neighborhood.
Conclusion
In summary, the Manhattan real estate market is experiencing a healthy supply and increased activity with contracts. While the overall market is slightly favoring buyers, localized conditions can vary widely.
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