From Harlem to Houston, The Manhattan residential market remained hot in 2022’s first quarter, with closings 44% higher than a year ago.
Most price indicators were up sharply from the first quarter of 2021, which was the market’s low point after the start of COVID-19.
Although 20% higher than a year ago, the average resale price was down from the fourth quarter of 2021.
This can be attributed in part to a decline in ultra-high-end condo resales.
Co-ops fared better compared to the prior quarter, as their average price was 2% higher than in 4Q21.
Buyers had to move fast in the first quarter, with apartments spending an average of 102 days on the market. That was 28% less time than a year ago, and the lowest figure since 3Q18.
The market continued to favor sellers, who received the highest percentage of their last asking price since 2017’s third quarter.
Gastiaburo and Stella
View Our Listings, Dedicating a Percent of Commissions to Art & Community, Karen Gastiaburo, Lic. Assoc. R.E. Broker, kgastiaburo@bhsusa.com, 917-885-9136, Leanne Stella, Licensed R.E. Salesperson, lstella@bhsusa.com, 917-273-4405, karenleanne@bhsusa.com
Editor’s Note: We’re keeping our eyes and ears open to the real estate market here in Harlem.
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