The drop in sales and prices follows a 29% decline in the fourth quarter, and suggests that the nation's largest real estate market is correcting after a post-pandemic boom in prices and demand.Brokers say the biggest challenge for deals is the wide gap between buyer and seller price expectations.Michael Nagle | Bloomberg | Getty Images
The drop in sales and prices follows a 29% decline in the fourth quarter, and suggests that the nation's largest real estate market is correcting after a post-pandemic boom in prices and demand. The big question for brokers, buyers and sellers is where the new "bottom" will be in Manhattan. "There still is a disconnect between buyers and sellers," said Jason Haber at Compass. "Sellers are not slashing prices left and right to get deals done. They have confidence. They feel like 'if I lose a buyer there's another one down the road waiting.' There is a no panic selling, or thinking they have to get out now."
"Buyers for the last three quarters have been sitting back, waiting for massive reductions and they're not coming," said Noble Black of Douglas Elliman. "And I don't think those big reductions will come." Overall, cash deals rose to a record 57% of all sales in the quarter, Miller said. At the high end of the market, three-quarters of all sales over $5 million were all cash.
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