JUST RELEASED: Our exclusive 3rd Quarter 2022 Elliman Report for the Manhattan Market

Mackay|Dixon Team|October 7, 2022
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Despite the decline from last year’s sales surge in Manhattan, levels remained significantly higher than in pre-pandemic conditions. Median sales price rose annually to the second highest on record for a third quarter. Sales and average price per square foot fell to the second highest on record, also for a third quarter. Listing inventory was up nominally from the prior year's quarter and pre-pandemic levels. Co-op sales fell year over year for the first time in six quarters, and condo sales fell year over year for the first time in seven quarters. Luxury price trend indicators expanded year over year for the fourth consecutive quarter. Luxury listing inventory expanded year over year but remained well below pre-pandemic levels. New development listings accounted for one-third of all luxury listings, consistent with the decade average. New development sales declined sharply from last year's unusual high but were significantly above pre-pandemic levels. The market share of new development sales was well above the decade's quarterly average.

 

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