The Manhattan home market, slowed by a combination of global volatility and rising interest rates, saw a slight cooling in September but remains consistent with historical averages, according to the latest market update from New York-based brokerage Elegran.
Total supply in Manhattan increased 15.5% in September to 7,440 but remains well off the high mark achieved during the second half of 2020 when global uncertainty prompted a spike in listing activity. The median sales price in September was $1,175,500, down from the short-term peak in April and May, but up 10% when compared with the same period last year.
Prices may be moving in the buyer’s favor, but a lack of inventory and contract activity consistent with 2019 numbers is a major reason why some are bullish on the Manhattan housing market heading into October and beyond. Here’s a closer look:
Manhattan by the Numbers
The ratio of demand (as measured by pending sales) to supply in September was 0.39, a 25% reduction when compared with the previous month.
What it means: Financial and mortgage rate woes have contributed to a recent tempering of demand in the marketplace and abatement of the rising median price. According to Elegran, this has created an urgency among sellers to transact, putting Manhattan “firmly in a buyer’s market.”
Home of the Week: An Elemental Experience in Colorado
No need for a sound machine here. Featured on Forbes this week, this unique log cabin home in Breckenridge, Colorado, provides built-in soothing thanks to a primary bedroom with windows in the floor that look directly onto a bubbling, year-round creek below.
The classic mountain cabin, listed for $2.45 million, was built in 1974 and later expanded by Summit County architect Jon Gunson. Chinked log walls, wood floors, beamed ceilings and a wood stove are among the features of note.
Global Marketplace Snapshot
Big Island Living Plus Acreage
Price: US $2.695 million
Location: 59-1020 Kamakani Loop, Kamuela, Hawaii, USA
Pedigreed Perch in Toronto
Price: US $6.4 million (CAD 8.75 million)
Location: 1 St. Thomas Street, #17B, Toronto, Ontario, Canada
Atypical Swiss Existence
Price: US $4.53 million (CHF 4.5 million)
Location: Schindellegi, Schwyz, Switzerland
Are you looking to buy a home on Kauai? Hawaii Life’s Lynda Gill takes a look at everything from days on market to price drops to inventory sold, and what it means for buyers and sellers heading into Q4 2022.
From the report: “[Kauai-]wide there have been 398 homes sold compared to 581 this same time last year. On the South Shore, 125 homes have sold compared to 149 in 2021. The North Shore has sold 83 homes compared to 167 last year. Lihue has 35 homes sold vs. 45 the previous year.”
What’s New in PropTech
The annual pitch battle competition at this year’s Innovation, Opportunity & Investment (iOi) Summit, which took place last week in Los Angeles, saw contestants pitch everything from innovations in mobile indoor scanning to products offering artificial intelligence (AI)-powered coaching tools and advanced cloud-based digital storage. The top prize was awarded to Revive, a startup offering tools to help home sellers make practical decisions when it comes to renovating to maximize profit in a sale. Founded in 2019 by CEO Michael Alladawi, the company looks to assist home-sellers in maximizing their return on investment (ROI) by leveraging tools designed to guide homeowners and real estate agents through the renovation process.
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- Inventory is Up, Sales are Down. But are we really in a Recession? [HAWAII LIFE]
- Going Off the Beaten Path on a High Sierra Adventure [TAHOE MOUNTAIN REALTY]
- Owning a Home Builds Your Net Worth [VILLAGE PROPERTIES]