In Q4, Manhattan sales were down 23% from the previous quarter, with 2,503 total sales compared to 3,256 in Q2. There were 32% fewer new listings on the market in Q4, down 29% from the same time last year. There were 1,873 new contracts signed, which was a 11% decrease from Q3. Inventory continues to remain low; down 13% quarter-over-quarter and 9% year-over-year. The median listed price was $1,433,374 up 5% compared to the previous quarter and up 8% compared to Q4 2021.
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The Brooklyn market continued to see a decrease in sales in Q4, slowing down 17% from Q3. The median listed price was $667,000, a 4% decrease from $693,211 in Q3. New listings on the market dropped by 31% with a total of 899. Contract activity decreased by 17% from Q3, with 830 signed. The average price per square foot was $879 in Q4, compared to $1,086 from the same quarter last year, a 19% decrease. Inventory continues to remain low in Brooklyn, with a 3% decrease from the previous quarter.
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The Queens market saw 718 sales in Q4, a 29% decrease compared to Q3 and a 45% decrease compared to the same quarter last year. There were 1,026 new listings, down 32% from the previous quarter. The median listed price was $799,942, down 6% from Q4 2021. The median sales price was up 2% compared to Q3 2022, coming in at $830,000.
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©2023 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
