In August, Manhattan sales ticked up 6% from the previous month, while other metrics continued to trend down year-over-year. New listings on the market slowed, with 27% fewer listings than in July, and 18% fewer than in August 2021. The number of contracts signed increased 2% from July but was down 29% from this time last year. Inventory remains low; down 6% month-over-month and 5% year-over-year. Prices continue to rise; the median listed price was up 6% and the average price per square foot increased by 7% compared to August 2021.
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In August, the Brooklyn market saw a slowdown from the previous month. Sales and median listed price were both down 4% month-over-month and 29% and 18% year-over-year, respectively. New listings on the market dropped by 31% but were still up from the previous year by 2%. Contract activity increased by 1% from July, while price per square foot ticked down 3% month-over-month and 17% year-over-year. Inventory also remains low in Brooklyn, with a 7% decrease from July.
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Queens sales saw a 2% increase in August compared to July, a 14% decrease from August 2021. Though median listed price and median sales price were down 6% and 8% month-over-month, prices remain high compared to August 2021, with both figures up 2% year-over-year.
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©2022 UMRO Realty Corp., dba The Agency®. Equal Housing Opportunity. All material presented herein is intended for informational purposes only. The sources are deemed to be reliable and the information is believed to be accurate, however the material is subject to errors, omissions, changes, or withdrawal without notice. All measurements and square footage are approximations. No statement is made as to the accuracy of any description. CalDRE #01904054
