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Encouraging Results | May 2023 Manhattan Real Estate Market Report
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Welcome to the Real Talk NYC Real Estate Podcast, where experienced, expert NYC real estate brokers John Gasdaska and Jonathan Conlon break down what’s happening in the market, what you need to know whether you’re a buyer, seller, or agent, and their insight into the future, with a little bit of fun along the way.
In May 2023, the number of contracts signed rose 24% to 1,199. The annual market-wide decline that has been trending for months shrunk in May, indicating that the market may be revving back up!
Inventory numbers remained high, at 7,439. That's just over 10% higher than the ten year average for the month of May. If you are searching for a new home, you have more options than you've had in months.
Buyers should be decisive as this market which has allowed them to take their time and be picky may be replaced with a much more competitive market soon. Sellers can use this to their advantage with asking prices that inspire competition.
If you have any questions about the market, what the future could hold for your property, or just want to know some more about that listing down the street, feel free to give us a call.
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