Upper Manhattan Real Estate Update: Analysis Of The Spring 2023 Market!

May 10, 2023

By Robert ‘Robb’ Pair, Harlem Lofts Inc.

Harlem Lofts is a boutique real estate firm incorporated in 2002 and located at 272 Lenox Avenue, Harlem, New York.

Using a Research-based strategy, we keep a sharp focus on Seller representation while maintaining an extensive database of well-qualified Buyers.

The Spring Market has launched, and we are tracking it carefully – data from April through the beginning of June will be important in predicting market trajectory for the remainder of the year. 

As such, this article follows directly from last month’s analysis of the Townhouse market sector – where it currently stands and where it is headed:

Townhouses – Distinct Markers of Recovery

The three graphs below (Graphs 1-3) show the number of Townhouse Listings in Upper Manhattan (left), the percentage offering discounts since launch (center), and the number of In-Contract Listings (right), from April 2020 through April 2023:

  • In 2022, interest rates reduced sales and caused a spike in inventory (117), now at 96 (left, green asterisk)
  • Increased competition led to a persistently higher rate of discounts, now over 50% of listings (center, green asterisk)
  • Increased competition and discounts have resulted in early recovery in the number of In-Contract properties (right)

Market Recovery Driven by Properties Under $2 Million

To understand what market sector is driving the recovery, it helps to analyze Listings, In-Contract Listings, and Sales by price (<$2million, $2-3million, $3-4million, and >$4M) from April 2022 through March 2023, as shown in Graphs 4-6, below:

  • This shows that of the 96 Listings on the market, 65 (68%) are priced below $3M (left, green asterisk and bar)
  • Of the 11 In-Contract Listings, 8 (73%) are priced below $3M (in fact, all below $2M) (center)
  • Of 61 Sales from April 2022 to March 2023, 52 (85%) sold below $3M.

Together, Graphs 1-6 show that the Upper Manhattan Townhouse Market is in the early stages of recovery, and that this is being driven by the lower end of the market.  High-interest rates are inhibiting the upper end of the market.

More details about the current market are in our 2023 Upper Manhattan Real Estate Report and our upcoming Q1 Upper Manhattan Market Analysis video – sign up for a FREE copy of the Report at https://harlemlofts.com/market-report/, and watch the video at https://tinyurl.com/HLIYouTube!

Final Thoughts

We hope you enjoy this article! Our understanding of the markets puts us in a unique position to help our clients. Reach out to us at info@harlemlofts.com with your real estate needs, and on our website at https://harlemlofts.com/.

By Robert ‘Robb’ Pair, Harlem Lofts Inc.

Harlem Lofts Inc. is a boutique real estate firm incorporated in 2002 by our founder Robert ‘Robb’ Pair. We are located in the former studio space of the famous Harlem Renaissance photographer, James Van Der Zee. The firm covers all major residential property transaction types in Upper Manhattan and is the acknowledged expert in Upper Manhattan real estate. Harlem Lofts Inc., 272 Lenox Avenue in Harlem, New York, 917.791.6986, robert.p@daniel-tlemlofts.com, https://harlemlofts.com/info@harlemlofts.com

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