Manhattan real estate brokers are concerned both buyers and sellers are staying on the sidelines.
Manhattan apartment sales fell by 29% in the fourth quarter, sparking fears of a frozen market in which buyers and sellers stay on the sidelines due to economic and rate fears.
"I could see the market moving sideways, with some modest declines in some sectors," said Jonathan Miller, CEO of Miller Samuel, the appraisal and market research firm. "And it could weaken further if there is the backdrop of recession and job loss." As with much of the recovery, the high-end and luxury segment remains the strongest. Median sale prices for luxury apartments — defined as the top 10% of the market — increased 4% in the fourth quarter, compared to a decline in the broader Manhattan market. Median prices for luxury apartments are up 21% compared to 2019, twice the increase as the broader market.The pipeline of deals in the works or recently signed suggests a slow first quarter.
Ian Slater at Compass said there was a big "disjoint" in the market in August and September, with a wide divide between buyers and sellers and the market started to weaken. "Now I am seeing buyers accept interest rates as the new normal and feel more comfortable purchasing — or at a minimum that prices aren't falling."
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