INSIGHTS & RESEARCH
THE GOTHAM GUIDE
Monthly Market Intelligence from NYC’s Premier Appraiser.
November 2023 Market Report
The Manhattan market showed signs of stability in October. Total inventory levels remained virtually unchanged over the month while there was an almost 40% increase in the number of contracts signed. The Manhattan market saw a modest up-tick in price negotiability and time on market dropped by almost a full month, from 105 to 79 days. These metrics all point to a subtle shift in the direction of equilibrium.
December 2023 Market Report
The Manhattan market moved from neutral to challenging territory as supply levels declined by 9.6% and demand dropped by 16.7% overall. The 662 contracts signed in November represents a dramatic decline from historic seasonal demand levels. Marketing time remained stable at roughly 2.5 months on average. Price negotiability also remained mostly stable during the last 30 days.
January 2024 Market Report
The Manhattan market remained in challenging territory in December but could be headed for a rebound in 2024. Total inventory levels declined by 17% while the number of contracts signed moved significantly closer to historic seasonal levels. Mortgage interest rates trended lower in December and could fall further in 2024 based on Fed guidance. Lower rates coupled with reduced supply levels should move the market towards seller’s favor and put upwards pressure on price levels for most properties.
February 2024 Market Report
The beginning of the year saw the Manhattan market take its largest steps forward since last winter/spring. The number of contracts signed increased over 11% from December, while the 30 day moving average of contracts was up almost 20% and the ratio of contracts signed to listings taken off market increased over 40%. At the same time, supply continued to decline at a minimal rate. With the Fed keeping rates stable, supply and demand forces should exert positive pressure on prices.
March 2024 Market Report
February saw the listing climate index jump 45% to the point where almost twice as many properties are going to contract vs. going off market. The number of contracts signed increased over 24% from January, while the 30 day moving average of contracts was up over 25%. At the same time, supply continued to decline at a nominal rate. With demand increasing at a greater rate than supply, signs point to a shi towards a seller’s market in the upcoming spring season.
April 2024 Market Report
Over 1000 contracts were signed in March, representing a 13% month to month increase. The 30 day moving average of contracts moved into ‘hot’ territory for the first time in 10 months, reflective strengthened demand. March saw a nominal increase in supply; the first increase in supply in 6 months. Overall days on market declined by roughly 30 days and negotiability remained stable. The increased demand relative to supply has yet to translate to any evidenced price level increase.
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