2023 Opens with Lackluster Contract Activity and Elongated Marketing Times
In January 2023, Manhattan contract activity was down 33% year-over-year, falling to its lowest level since July 2020. The nearly 670 deals reported were 18% below the five-year January average but on par with contract activity seen in January 2018 and 2019.
The sharpest annual declines were concentered at the high end: sales of units asking between $3M to $5M declined by nearly half, while sales under $1M were down 28% year-over-year.
In contrast to the record pace of early 2022, sales in the Financial District/Battery Park City were down the most where lower inventory exacerbated the drop in demand. Marketing time rose moderately for the third consecutive month, averaging 158 days, the highest figure in nearly two years.
