March 2022 Manhattan Property Market Update
Posted by Wei Min Tan on March 10, 2022
Weimin Tan provides a 5-minute summary on the March 2022 Manhattan Property Market Update.
We have been having low supply for quite some time now. The peak was around October 2020 when supply was close to 10,000 units. Right now, we have 5,234 listings on the market which is a 3.8 percent increase from last week and a 25.6 decrease from last year. Low supply is a challenge especially if you’re a buyer.
New Active Listings
This refers to the new listings that are coming onto the market, and it’s picking up. This shows that the demand is there. The latest data from Urbandigs shows that we have 488 new active listings this week, up 9.17 percent compared to last week.
New Contracts Signed
300 weekly new contracts signed is record territory. Notice that in 2019 and 2020, it didn’t hit 300 at all, but in 2021 we were above 300 for roughly 20-25 percent of the time. Right now, we’re also above 300. This shows that the market is very robust and buyers are coming in. Why? It’s because of pent up demand and interest rates are still at historical lows. Buyers want to take advantage of that.
% Change in Market Pulse Since September 2021
Market pulse refers to whether it’s a buyer’s market or seller’s market. Notice that the higher price points have the highest changes in market pulse. The larger apartments are doing very well and they are more of a seller’s market. Why? It’s because people are seeking more space and there’s less inventory. There is definitely more inventory in the smaller size segment. This shows that the larger size apartments, as in $2 million and up, are doing better than the overall market.
This is the summary of the March 2022 Manhattan Property Market Update.
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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
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3) Rent out the property
4) Manage tenants
5) Market the property at the eventual sale
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