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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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There were 4,494 New Lease Signings in Manhattan in the month of April -50.5% compared to the same period last year, but that was due to the distortion of surging inbound activity last year as the market woke up post pandemic.
Bidding Wars accounted for more than one in five new lease signings, with a 21.3% market share and a 10.7% average premium above the landlord’s last asking price.
The Median Rental Price was $3,925, up +31.9% from April 2021, ...
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We reached a record-breaking number of closed sales, 3,585 to be exact, the highest registered in thirty-three years; up +45.9% year over year and +48.9% from pre-pandemic levels.
Listing inventory (the number of available properties on the market) declined 4.4% to 6,906. A decline that has been going on for several quarters. As the market returned to seasonality, the excess demand overpowering listing inventory was partially offset by the seasonal rise in supply.
Sales ...
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There were 3,159 New Lease Signings in Manhattan in the month of January -49.5% from the same period last year, dipping below the decade average as listing inventory continued to collapse as prices reached record levels.
The Median Rental Price was $3,550, up +18.3% from the previous year, while the Net Effective Median Rent, the face rent, surged year over year by a record +23.3% to $3,467, the second-highest level reached in a January. This price trend indicator continued ...
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In Manhattan there are signs of improvement for the sellers, as the sales volume, listing inventory, months of supply and other indicators got better from the prior quarter, although remaining lower compared to a year ago.
The market share of cash buyers fell to a new record low (40.4%) given the current low interest rates.
Talking by ...
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Miami’s condo market continued to show an increase in sales volume and a decrease in inventory last month, according to a new report from Miller Samuel.
The number of condos that were put into contract in Miami-Dade during October was up 12.8% compared to the same period in 2019. In Broward, condo market contracts were up 86% for the month, and in Palm Beach the increase was 155%.
Condo inventory in Miami has been shrinking since 2018, and that ...
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