Manhattan Real Estate Market Update: January 2023

Are you a Manhattan condo owner or aspiring condo owner? This post is for you. Here are five points you need to know about the Manhattan condo market in January 2023. 

Manhattan Real Estate Prices

Let’s start with prices. Currently, the median sales price in Manhattan is $1.5 million, down from $1.6 million last year. In May 2022, prices reached their peak of $1.8 million, indicating a 17% decline since then and a 6% decrease year over year. 

Manhattan Sales Price to List Price Ratio

Now let’s look at the sales price to list price ratio. Currently, we’re at 96.7% meaning that sellers in Manhattan are getting 96.7% of asking price, with buyers paying 3.3% under asking price. Comparatively, last year’s sales to list price ratio was slightly lower at 96.2%.

Manhattan Condo Days on Market

To get a sense for how long it will take to sell a property in Manhattan, we consider the days on market. Currently, the average stands at 90 days from listing to contract. This is up from last year’s average of 69 days. It’s worth noting that less than 120 days is typically considered a seller’s market.

Number of Homes For Sale in Manhattan 

Let’s explore the inventory situation in Manhattan. Currently, there are 4,146 condos available for sale, a 4% increase compared to this time last year when there were 3,972 condos on the market.

Number of Price Reductions in Manhattan

Now, let’s analyze the percentage of price reductions in Manhattan. At present, the rate is 10%, showing improvement from a peak of 14% in October. However, it is higher than last year’s rate of 8%. Price reductions serve as a leading indicator, providing insights into future market trends. Based on the number of price decreases, we can anticipate a relatively positive outlook as we enter 2023.

Manhattan Real Estate Market Summary

Overall not a great month for homeowners and sellers in Manhattan. On the negative side, median sales price is down year over year, the number of days on market is increasing and the number of active condos for sale is increasing.  On the positive side, the sales price to list price ratio is up and the number of price reductions is down. If you’re interested in buying or selling real estate in Manhattan, we can help you maximize the sales price of your home. Call me directly at 212-804-7881 or email me at justin@braithrealty.com