Manhattan Real Estate: The Sweet Spot and January Sales

Brokers are all taking calls again. The discounts out there are working- not enough to raise prices, but enough to generate sales. Some of it is the bonuses and some of it is just the ripple effect of people thinking they need to buy before the people with bonuses do. Some of it is a returning sense of confidence. Some of it is that people think the market may have hit a pricing bottom and they don’t want to miss out on the best pricing.

Market Activity Between Dec. 15 and Jan. 15: Bonus Effect

Image from New York Magazine

New York Magazine quotes some telling Streeteasy numbers:

• 122 Manhattan properties priced between $1.5 million and $5 million went into contract between December 15 and January 15.
• That is up 171% from the same period a year ago.
• Properties between $2 and $3 million account for more than 1/3 of those contracts- the sweet spot.

Sales up year over year in January? That’s a welcome shift. There isn’t enough activity to make prices go up across the board, though, reinforcing the importance of pricing in a down market.

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