Manhattan sales saw a significant month over month and year over year slowdown in April, with 58% fewer sales than in March 2022, and 33% fewer sales than in April 2021. Prices remained on the rise, nonetheless, with year over year median listed prices up 17% and average price per square foot up 19%. There were 3% fewer contracts signed both year over year and month over month, while overall inventory was down 18% compared with March and 26% compared with April 2021.
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In April, Brooklyn sales also saw a significant year over year and month over month decrease, with 32% fewer sales than in April 2021, and 41% fewer sales than in March 2022. The number of new listings that hit the market was dramatically higher year over year, with 118% more listings than in April 2021; month over month, new listings also remained on the rise with 47% more listings than in March 2022. The number of signed contracts was also up quite significantly both year over year and month over month, 26% and 19%, respectively, while overall inventory was down 13% compared to April 2021, and 14% compared to March 2022. Unlike Manhattan, the median listed price was down 20% year over year and 13% month over month; the average price per square foot was also down, 11% and 12%, respectively.
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Queens real estate sales saw a sharp decrease month over month and year over year with 19% fewer sales in April than in March, and 30% fewer sales than in April 2021. Year over year prices remained up, while month over month prices ticked downward. There were 7% fewer homes listed in April than in March, and 3% more than in April of 2021.
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Figures in this report are based on publicly reported data from Automated City Register Information System (ACRIS), as well as proprietary data. 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.
