2nd Quarter 2022

  • The Field Team
  • 07/6/22

New York is Indeed Beyond Back

 

Quarter 2, 2022 delivered gains in sales volume, closing activity and pricing escalations. The sixth consecutive quarter with sales growth, the longest streak since 1998 and the best second quarter for closings in 15 years.

+9%
NUMBER OF CLOSED SALES  
Closed sales in Q2 2022 saw an 9% increase from the prior year.

+6%
SALES ACTIVITY
Just over 4,100 contracts were signed, 6% above the 10 year quarterly average. The under $3M market made up 83% of all sales activity. 

+3%
AVERAGE SALES PRICE 
Manhattan closed sale prices climbed year-over-year for the eighth consecutive quarter due to high demand, falling inventory, tightening negotiability and a very active luxury market.

However, as predicted, the last six weeks has seen a decline in contract activity and a rise in inventory. Higher interest rates and sharply lower equity markets have given buyers hesitation. The real-time declining market is speaking to sellers…many listings that were overpriced are now adjusted to appropriate prices.

The GREAT REBALANCING of 2022 is here. 
New opportunities are arriving daily.