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Newly signed contracts have been falling annually for nearly a year, distorted by the 2020-2021 boom, and new listings have declined annually for three of the past four months. New listings have been substantially below pre-pandemic levels for the past six months.
(source: millersamuel.com)
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“Newly signed contracts for single families declined month over month for the first time in 2022. In addition, condo new signed contracts fell for the second time. However, the jump in mortgage rates took some of the edge off of still elevated demand, enabling seasonal expansion of new single family listings.”
(data source: millersamuel.com)
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“Single family and condo new signed contracts combined have roughly doubled annually for the third consecutive month. New inventory for single families and condos has increased year over year for the first time in twelve months of tracking as seasonal patterns return.”
(source: millersamuel.com)
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Since the reopening of the marke last June, 70% of the contracts signed came from a listing with a price cut. (source: ubrandigs)
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At the beginning of the crisis we had 136 weekly contracts signed in Manhattan. That number progressively went down during the crisis to reach a low of 31 contracts signed 12 weeks into the crisis. Last week was week 13, and we had 61 contracts signed! Could be the first sign of a recovery? In a normal market we ...
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