The Manhattan real estate market remained strong during April despite inflation, rising interest rates and poor stock market performance. Manhattan’s luxury market seemed to hardly notice the headwinds and racked up over 160 contracts signed over $4 million.
Please find Elliman’s April 2022 Contract Signed Report here. This is the most relevant information for what is happening in the market right now.
Even with foreign unrest, Covid-19 resurges, and poor stock market health, buyers continue to invest in real estate.
- Supply – Supply continued to climb in April, but at a slower rate of 6.4% compared to 11% in March.
- Luxury –April saw 164 signed contracts at $4M and above, marking an impressive month against strong odds. The average discount from original to last asking price also decreased with sellers continually pricing their homes in accordance with market conditions.
- Inflation & Interest Rates – This year we have seen inflation hit its highest percentage in 40 years and interest rates are on the rise. Click here for more information on how rising inflation could affect your purchase or sale.
- Bidding Wars – Around 40% of Condos and Coops across all price sectors sold at ask and above the asking price. That is nearly double the same month just one year ago.
May Sneak Peak – Buyer demand persists, but at a more measured rate. The equity market has dropped, crypto is worth less, and interest rates have risen, given buyers pause. Well-priced homes are selling quickly, but sellers need to be care and not price too aggressively.
For buyers, now is the time to secure your next home before prices and rates increase further.
If you are considering a sale, please reach out to discuss the strategies we can employ to achieve the best price possible and secure your next home.