3Q Data is Out! Let’s explore the 3Q2023 Real Estate Market here in NYC with Emily & Tony @ Corcoran

Описание: Ready to elevate your real estate strategy? Watch this video to dive deep into the Q3 Manhattan market data here in NYC. Our market has some CRAZY things happening! Rates are HIGH, Inventory is LOW, yet pricing remains STABLE.
Let’s discuss how to work with the challenges we’re facing to create your successful purchase or sale!

The Stein-Testa Team is here to help you buy, sell, or invest in Manhattan and Brooklyn! Let us help guide you in this real estate market.

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Manhattan Closings
Just over 3400 closed sales , 10% increase from last quarter, just the 4th time in 10 years that closing activity increased from the 2Q to the 3Q
Signed contracts fell slightly less than closings

About 6500 listings were on the market at the end of 3Q2023, down 12% from last quarter
in todays heightened interest rate environment, many potential sellers are hesitant to list because they want to keep their low mortgage rates
over 2M active listings grew 4% annually, largely due to high priced resales downtown
2-3BR's saw annual inventory gain 3% and 4%

Average DOM was 109 days
DOM increased annually for all priced ranges except the ones under $500k
DOM reverted to its seasonal pattern

3Q2023 - Brooklyn

Closings
About 1400 closed sales increased by 7% from last quarter
3Q showed signs of stabilization
Although high mortgage rates and low inventory continue to weigh the market down, sales are normalizing

Inventory decreased by 5% from last quarter, atypical of market seasonality
Inventory declined in all price segments
The over 2M segment had the smallest drop (7%), Studios fell the most

DOM increased annually for all price categories
Sales under $350k saw the most significant increase

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