Weekly Market Update - January 25, 2023

Weekly Market Update - January 25, 2023

  • Michael Meier
  • 01/25/23

Welcome to the Fourth Week of January. It is an exciting time because we are beginning to see where the Real Estate market in NYC is heading!

Watch the following video (Under 5 min) to get caught up the performance of the current market. 

General Market Updates:

  • Supply & Demand- are both on the rise!
  • Open House attendance - is rising!
  • What's dropping? The number of price cuts!

Watch the video above for further details about the general NYC market this past week.

Here is some additional data I find encouraging!

Luxury Insights:

  • This past week - 17 contracts were signed in Manhattan above 4Mill.
  • Eight of these sales were for properties priced over $10Mill.  
  • This has been the strongest week since mid-April when we signed Ten -  $10Mill contracts!

New Development insights:

"The market rebounded from its anemic performance last week. The number of sponsor contracts signed rose from 34 to 46, total contract volume increased from $100M to $171M and average price jumped from $2.94M to $3.72M.  The only metric to recede, average PPSF, did so slightly, down 3% to $1,833." - Market Proof

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.