As we approach the final stretch of 2023, the third quarter has unveiled several significant developments in Manhattan’s real estate sector.
3Q2023 Insights:
Manhattan’s real estate landscape witnessed notable fluctuations throughout the third quarter. The traditionally tranquil listing season transformed into a more challenging arena for sellers. While the price per square foot maintained its consistency, a slowdown in deal activity exerted downward pressure on property prices. The median sale price saw a 5% decline compared to the previous quarter and was 2% lower than the same period last year.
For prospective sellers gearing up for the months ahead, here’s a key takeaway: astute pricing is crucial, patience can be a virtue, and aligning with a seasoned real estate professional can significantly enhance your debut in the market.
Why? Discerning buyers are closely monitoring the current market conditions and are still actively bidding on top-tier renovated apartments and compelling opportunities.
It’s also noteworthy that properties in Manhattan lingered on the market for an average of 93 days during Q3, marking a moderate increase both quarterly and annually. Despite a constrained supply, the negotiation environment remained relatively stable, with properties, on average, selling at 96% of their initial asking price.
Has the balance of power shifted towards buyers? Indeed, in certain segments of the market, there are indications of such a shift. However, it may take a bit more time before the data fully reflects the extent of these market-wide changes.
For an in-depth dive, explore the full quarterly report – click here.
As always, please don’t hesitate to reach out if you have any questions. We are more than happy to engage in a more in-depth discussion if real estate is on your mind.
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