Anna Stepanova

March 2022 Real Estate Market Update:
Days on Market Falls to a Five-Year Low Amid the Strongest March for Sales Since 2007
March had nearly 1,700 contracts signed, up 3% annually and 29% versus last month. This was the second best March on record behind 2007 (when just over 1,700 contracts were signed), solidifying First Quarter 2022 as the best first quarter for sales in history. However, like last month, not all product types and price ranges saw sales improve versus a year ago. For the second month in a row, condo sales fell versus the year prior, albeit by a minimal 4%; conversely, co-ops continued their upward trend, rising 9% annually. By price, sales from $1M to $2M and $3M to $5M improved annually by 9% and 16%, respectively, but contracts signed over $5M declined year-over-year, by 9%, which was the first dip since December 2020. Annual changes in sales also varied by submarket; versus a year ago, sales fell on the Upper East Side and the Upper West Side but rose in all other submarkets. Days on market dropped for the 12th consecutive month amid robust demand, falling annually by 27% to a five-year March low of 123 days.

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