Manhattan Market Update | August 2022

Page 1

MANHATTAN MARKET UPDATE AUGUST 2022

In August, Manhattan sales ticked up 6% from the previous month, while other metrics continued to trend down yearover-year. New listings on the market slowed, with 27% fewer listings than in July, and 18% fewer than in August 2021. The number of contracts signed increased 2% from July but was down 29% from this time last year. Inventory remains low; down 6% month-over-month and 5% year-over-year. Prices continue to rise; the median listed price was up 6% and the average price per square foot increased by 7% compared to August 2021.

SALES 1,298

Aug 2021

CONTRACTS SIGNED

1,079

1,143

Jul 2022

Aug 2022

1,059

Aug 2021

MEDIAN LISTED PRICE $1,276,916

736

751

Jul 2022

Aug 2022

$1,366,000

$1,357,000

Jul 2022

Aug 2022

Aug 2021

 12%

 6%

 29%

 2%

 6%

 1%

Year over Year

Month over Month

Year over Year

Month over Month

Year over Year

Month over Month

AVERAGE PRICE PER SF

NUMBER OF NEW LISTINGS

$1,570

$1,668

$1,681

888

Aug 2021

Jul 2022

Aug 2022

Aug 2021

998

TOTAL INVENTORY 9,405

9,474

8,923

Aug 2021

Jul 2022

Aug 2022

726

Jul 2022

Aug 2022

 7%

 1%

 18%

 27%

 5%

 6%

Year over Year

Month over Month

Year over Year

Month over Month

Year over Year

Month over Month

©2022 UMRO Realty Corp., dba The Agency®. Equal Housing Opportunity. All material presented herein is intended for informational purposes only. The sources are deemed to be reliable and the information is believed to be accurate, however the material is subject to errors, omissions, changes, or withdrawal without notice. All measurements and square footage are approximations. No statement is made as to the accuracy of any description. Figures in this report are based on publicly reported data from Automated City Register Information System (ACRIS). CalDRE #01904054