The Monthly Mag - November 2022

Hello!

Hope all is well with you! 

As we head into the holidays, activity continues to slow in the real estate market. While some of this is seasonal, much of it is due to rising interest rates and the fluctuating stock market. 

To date in Q4, contracts signed in Manhattan are the lowest total since 2009, and 22% below the 2009-2021 average. Breaking down by price segment, contracts signed up to $3M are down from the average. However, $3M and above are up from the average and the $20M+ segment is up a whopping 23% from the average.

In Brooklyn, while contracts signed this quarter are the lowest since 2016, they are up 10% from the 2009-2021 average. The only segment down is under $500,000 at 27% lower than the 2009-2021 average. However, pricing segments above $1M are up from the average and $3M+ are up 79% from 2009-2021 average.

So while the market has certainly shifted, it has not shut down. Activity is down, but pricing has not dramatically fallen. We will continue to monitor the trends and keep you informed. 

As always, should you need any help buying, selling or renting in New York or elsewhere, it would be my pleasure to serve you.

Wishing you a Happy Thanksgiving! 

Regards,

Maggie