Notes from the Field September 2022
Dear Friends,
Fall is here!
Please enjoy my latest market update!
Closings
- Last week, there were 173 contracts signed in Manhattan with the average price being $2.6M.
- This total was not only a robust rebound, it was a particularly unexpected performance when you consider that it came in the wake of one of Wall Street's worst weeks of the year.
- For sales above $4 Million, condos came out stronger and outsold coops 12-4 with townhouses, and 1 condop in the mix.
Seller's Strike
- In most housing downturns, as sales decline from an external event like rising mortgage rates, listing inventory rises. Yet in this cycle, it appears that new listing inventory growth is cooling which may be contributing to the buoyancy we are seeing in the market.
- The thinking is that would-be sellers are reluctant to sell because they will see a much higher mortgage payment. After all, 30-year mortgage rates were 3.2% at the end of September 2021 and are nearly double that now.
Upcoming Closings
590 West End Avenue, #7C
Asking Price: $1,995,000
750 Park Avenue, #3B
Asking Price: $875,000
Recently Closed
311 West Broadway, #4J
Purchase Price: $2,900,000
165 East 72nd Street, #16L
Purchase Price: $2,850,000
I hope you have a lovely start to fall.
As always, please don't hesitate to reach out to discuss your Real Estate needs - I would love to be of service.
All my best,
Keren
Keren
