Market Update - November 6, 2022

Market Update - November 6, 2022

  • Michael Meier
  • 11/7/22

This past week, the market has made some interesting changes. Here’s a look:

  • The number of signed contracts has taken a jump since last week
  • The trajectory of listings and sales is right on track for this time of year
  • The new development market is booming

Let’s dive deeper.

Signed Contracts Are On the Rise

This past week we saw 184 contracts signed; a 9.5% increase from last week. This is great news as we are seeing some interesting movements within the market. For the past thirty days, a total of 777 contracts were signed. While this is a 33% increase over the past 30 days, it is still below the 900 target we normally hit around this time of year. However, I can’t help but feel positive when I see progress in our market while the rest of the country is headed in the opposite direction!  

How is Supply Doing?

Supply is doing what is expected for this time of year. This past week there were 274 properties listed, a decrease of about 10%, but that is not something to worry about. This time of year is when things slow down. The market is doing exactly what it should be doing. 

The New Development Boom

The biggest news to come out of these past few weeks is the spike in new development contracts. As you can see from the chart, Manhattan is leveling off with a strong 21 contracts signed. However, Brooklyn is telling a different story. The number of signed contracts within the new development market has been on the rise, with Brooklyn just taking the lead after recently going through a decline. New development seems to be where it’s at this time of the year. There were 53 new development contracts signed as of October 30, which is an increase of 55%. That is outstanding news. 

Big Sale Spotlight

I want to spotlight a new development sale this week at the Belnor Building, 225 West 86th Street. Personally, I love this building. It was built around 1908 as a weekend home for those who lived the rest of the week downtown by the ports. This building was a place where residents could get away from the hustle and bustle of city life. With a gorgeous, European-inspired garden, the building is simply rich with history and eventually would become permanent residents as New York continued to grow through the 20th century. I love this building, and a unit sold for just over $7 million this past week. Included is a link to a video I did a few years back regarding this building so click here to take a look. 

Get In Touch

As always, I am available to discuss your property, your purchase, the market in general, or what we think might be happening in the new year. With 18+ years of experience in the New York real estate market, I am happy to share my guidance and perspective. 

Thanks, everyone. Have a great week and let’s see what the new week has in store. 

Please don’t hesitate to share this post with anyone interested in our amazing New York City market!


Work With Michael

Finding an agent who is not only knowledgeable in both markets, but also trusted and respected can be tricky, but with Michael Meier representing you that is what you will have every time.