MANHATTAN | FOURTH QUARTER 2023
Union Square looking west on 14th Street, 1893. @nycurbanism
“2023 was challenging for the Manhattan market, but we ended the year with reassuring signs of stabilization. In the fourth quarter, sales and inventory moderated minimally versus 2022 and even improved for parts of the market, while inflation cooled without a major downturn and mortgage rates began to decrease.
As we kick off 2024, with rates expected to fall even further and prices at an eight-year low, we could see this combination really start to unlock pent-up demand. No matter what the year ahead has in store, I will always bet on the appeal and resilience of the Manhattan market.”
– Pamela Liebman, Corcoran President & CEO
If you would like to talk more about real estate, feel free to book time directly on my calendar.
Beyond The Doorman™
118 East 83rd Street - $19,500,000
This elegant and spacious 25' wide carriage home with a private garage and elevator to all stories is perfectly placed midblock on a distinct tree-lined Upper East Side carriage house street. Originally built in 1908 as a private "motor car" carriage house and occupied by J.P. Morgan family staff, the house was completely renovated and reimagined as a stunning contemporary residence offering 5 bedrooms, 4 full bathrooms, and 4 half baths with multiple terraces, including a sundrenched penthouse landscaped roof deck. This amazing and ancient carriage house has over 7,500 square feet spread across five floors and has the unmistakable impression of a downtown residence uptown. Learn More
THE CORCORAN REPORT: QUARTERLY
MANHATTAN | Q4 2023
Manhattan prices are now at their lowest levels since 2015, with pricing in the fourth quarter adjusting to weaker demand and buyers’ lower purchasing power.
Average and median price per square foot fell year-over-year for the second consecutive quarter — down 5% and 9% to $1,785 and $1,305, respectively.
Nevertheless, absolute median and average sale price statistics rose minimally versus a year ago. This was not due to price appreciation; rather, closings shifted to larger units, where buyers are more likely to pay all-cash.
In the fourth quarter, which Manhattan neighborhood had the highest average price per SqFt?
Which product type accounted for 57% of the 2,800 sales in Manhattan's fourth quarter?
Sales fell annually for the fifth straight quarter in Fourth Quarter 2023, but less so than earlier this year.
Market-wide, closings fell 3% annually (and 13% QoQ) to about 2,800 sales and $5.47 billion in volume.
Resale co-ops, Manhattan's largest product type, saw sales rise 2% YOY — the first annual increase since mid-2022.
Signed contracts fell 3% annually to about 2,300 deals, but many weeks in Q4 2023 were stronger than 2022.
Which Manhattan submarket experienced the largest annual sales growth in Q4?
New listings hit a four-year low this fall as sellers, many locked into low mortgage rates, remained hesitant to list.
Listed inventory fell year-over-year for the sixth time in two years this quarter. As of mid-December, 6,385 units were actively listed in Manhattan — down 2% annually.
As seen throughout 2023, a diminished number of new listings and a few new development launches caused the decline. New developments with about 100 units launched for sales, the slowest fall for launches in 15 years. Finally, some notable increases in demand cut into supply, such as the increase in co-op sales and a small uptick in $1M to $2M closings.
Which price range in Manhattan had the largest inventory among active listings in Q4?
If you would like to talk more about real estate, feel free to book time directly on my calendar.
Happening Around the Borough
Winter Jazzfest
Winter Jazzfest is NYC's annual celebration of contemporary jazz music, hosting an array of global artists across venues throughout the boroughs. From intimate club settings to larger concert halls, this festival captivates audiences with its diverse lineup and vibrant energy, making it a must-attend event for jazz enthusiasts and music lovers alike. Check out the full lineup and purchase your tickets at the link below.
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The Winter Show
The Winter Show, a prestigious art, antiques, and design fair, returns on January 19th for its 70th annual year at the historic Park Avenue Armory. Showcasing exceptional works from a wide range of cultures and time periods spanning 5,000 years, The Winter Show is celebrated for offering a unique blend of historical depth and contemporary sophistication. To learn more about the event and to purchase tickets, follow the link below.
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MLK Day of Service
Martin Luther King Jr. dedicated his life to service and helping others. Since King's birthday was first observed, it's been a tradition for people across the country to devote the day to service. On January 15th, we can all honor his memory, and take this day to volunteer and give back to those in need. Click on the link below to find an opportunity to volunteer in your local area.
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Best Spas Around in NYC
Indulging in a visit to the spa in January may be exactly what you need after the holidays. It not only offers an escape from the winter chill but also provides a rejuvenating experience to kick off the year feeling refreshed and invigorated. Luckily, New York City is a haven for all types of wellness hubs. Here are some of our favorite locations around the city.
All information contained within this document is intended for informational purposes only and is sourced from sources that are considered reliable. Although the information is believed to be accurate, it is presented subject to omissions, errors, modifications, or withdrawal without prior notice. This is not intended to solicit property that has already been listed. Equal Housing Opportunity.