Market Info

Holiday Newsletter 2022

  • 174 contracts were signed in resale last week representing a 20% decline over the same period last year when there were 218 contracts signed during a period of high activity at the end of 2021.

  • Last week 112 contracts were signed on co-ops, representing a 9% increase from the week prior, exactly the same number of contracts were signed on co-ops last year during the same period.  Condo contract signings were up 7% from last week and but down 50% year over year, again reflecting decreased volume in the New Development market in comparison to 2021. 

  • For inventory, the absorption rate in December dropped about 6%, leading to a months' supply of 5.7.  Downtown between 14th and 34th Street remains the tightest market with a supply of 4.6 months. The West Side again follows at 4.7 months. 

  • Interest rates decreased for a fifth straight week by mid-December and reached their lowest point since September.  The average 30-year fixed rate mortgage inched down from 6.33% on December 8 to 6.31% on December 15, according to Freddie Mac.


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