January 2023 — The Shirley Hackel Team

Highlights Prevailing Trends

If you have questions about your own property or local neighborhood, don't hesitate to reach out.

Here's my recap:

For much of 2022, inventory was at restricted levels, slowing dramatically with each successive Fed rate hike beginning in April as property owners held onto their low-rate “golden handcuffs” mortgages.

Deal volume dropped significantly from the highs of 2021, and we’re back at 2019 pre-pandemic levels for pending sales—which were not so great if you recall.
With inventory and pending sales both down, one would have expected a drop in prices, but sales prices for the most part remained stable last year.
The only price bracket to see growth in 2022 was the uber luxury segment of properties priced $10-$20M which jumped 21.9% YOY in total sales.
Average days on the market for 4Q was 147; however, more than 25% of properties took more than 180 days to go to contract.
Approximately 50% of Manhattan purchases were all cash; those in a position to pay all had an obvious advantage as the cost of borrowing escalated.
The 2nd half of 2022 was all about rebalancing.
In 2023, the market will continue to recalibrate. If mortgage rates go down, as many speculate, demand will go up, along with prices and inventory. The first half of this year may just be the very best time to be a buyer.
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