February 2022 Manhattan Property Market Update
Posted by Wei Min Tan on February 9, 2022
This February 2022 Manhattan Property Market Update shows that we are currently in a seller’s market. Supply is at a low which means prices are expected to go up.
Historical Supply Trend
Supply is at a low right now at roughly 5,000 apartments for sale. The peak was back in late 2020 and early 2021 when there were close to 10,000 apartments for sale. During the boom years of 2012 to 2017, the supply level was around the same level as now. This means prices should go up if we use the boom years as gauge.
Price per square foot versus Supply
Looking at the chart which shows price per square foot and supply levels, we see that supply has been coming down. Looking at the boom period (2012-2017), supply level was also low. What happened then? Prices went up and right now, prices are expected to go up as well.
Is it a buyer’s market or a seller’s market?
It’s a seller’s market. The bottom of the Covid period was around July 2020. Then the market started picking up because interest rates were low. There was pent up demand and buyers came back into the market.
The key challenge right now in Manhattan real estate is that supply is low. We have a lot of buyers who want to take advantage of the low interest rates but there’s just not enough supply.
What We Do
We focus on global investors buying Manhattan condos for portfolio diversification and long term return-on-investment.
1) Identify the right buy based on objectives
2) Manage the buy process
3) Rent out the property
4) Manage tenants
5) Market the property at the eventual sale
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