April 2022: Robust Demand Remains Despite Fewer Sales than 2021
Manhattan had its seventh straight month of 80+ sales but over $5M, but activity did ease versus 2021.
Below are key highlights from our April 2022 report:
- 87 contracts signed. While sales fell 40% versus last April, that was the best month ever for sales over $5M at the time. This month still saw nearly 90 contracts signed over $5M, the third-best April on record and 15% above the 5-year April average of 76 deals.
- Active listings reached a six-year April low. Listed inventory dipped 3% year-over-year, though the pace of falling supply is slowing. The 3% year-over-year drop in April 2022 was the smallest annual decline in nearly a year for Manhattan’s luxury makret.
- Days on market still historically low. Days on market for listings over $5M has now fallen for 12 of the last 14 months and hit a five-year April low in 2022. However, days on market did rise on a monthly basis for a third consecutive month for the first time since Covid-19 began.
- Pricing up slightly. Propelled by more than half of $5M+ sales being in new developments, price per square foot was just shy of $3,000, up a slight 3% year-over-year.
