The number of Manhattan sales fell 37.5% year over year as buyers and sellers battled over prices and mortgage interest rates doubled. The quarter- over-quarter decline in sales was almost 12%. We saw this coming months ago with the low levels of contract activity in Q3 and Q4 2022.
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We suspect that the number at the end of Q3 will more accurately reflect today's mood on Wall Street. Buyers are hesitating even as the low supply and sky high rental prices should drive purchases. Sellers are are adjusting their pricing to more realistic levels. And deals are getting done, but at a slower pace.
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Apartment sales in Manhattan dipped by 18% year over year in Q3 as higher interest rates and the struggling stock market took their toll on the New York real estate market. It was the first time since 2020 that Manhattan saw a decrease in the number of residential real estate transactions.
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The strong Fourth Quarter brought to a close one of the most robust sales and rental years in memory. There was record-setting sales volume, rising prices and sharply falling inventory. To put the closed sales numbers in further perspective beyond the matrix above, Q4 sales over the past decade averaged 2,727, which is 23% below
this year's Q4 total.
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