Recorded Sales:
The report provides a detailed breakdown of recorded sales by unit type, price point, and submarket. Notably, Downtown Manhattan accounted for 31.1% of the total units sold, followed by Upper East with 20.3%. The average size of units sold in different price brackets is also highlighted, offering valuable insights into the market dynamics.
Historical Trends:
The historical trends in the Manhattan real estate market show fluctuations in the number of sold units and active sales units over the past six quarters. The first quarter of 2024 saw a total of 2,099 units sold, with a notable decrease YOY (-13.4%).
Days on Market:
The report also provides insights into the days on market, indicating the time frame properties have been listed for sale before being sold. This data reveals the majority of property sold after 120+ days. By Submarket, Urban areas such as Downtown and Midtown East/West generally have a more rapid turnover, with a significant percentage of properties selling within 60-89 days.
Conclusion:
The first quarter of 2024 demonstrates positive growth and stability in the Manhattan real estate market, with an increase in average Median Listed Price and lower inventor. These insights can be valuable for homeowners looking to understand the current market trends and make informed decisions regarding their properties.
We hope that this newsletter provides you with valuable insights into the Manhattan real estate market, and we look forward to keeping you updated on future developments.
