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Manhattan real estate sales have taken a sharp dive in the first quarter of 2023, falling 38% from the same quarter last year. However, the number of cash deals is still on the rise, and in fact, hit a new all-time record.
According to data released by the New York City Department of Finance, the number of residential sales in Manhattan in the first quarter of 2023 was the lowest since 2009. Overall, the number of sales fell to 2,904, a 38% drop from the 4,621 sales recorded in the first quarter of 2022.
At the same time, the number of cash deals in Manhattan has been steadily rising. In the first quarter of 2023, cash deals hit a new all-time record, accounting for nearly half of all residential sales in Manhattan. This is an increase from the 35.1% of cash deals in the previous quarter, and from the 28.7% of cash deals in the first quarter of 2022.
The data also shows that the median sale price in Manhattan dropped by 7.5%, from $1.23 million in the first quarter of 2022 to $1.14 million in the same period of this year. However, with cash deals on the rise, it appears that buyers are taking advantage of the market downturn and snapping up deals on the cheap.
While the market downturn is certainly disheartening for those who rely on real estate sales for income, it is providing an opportunity for savvy buyers to make a smart investment. With cash deals hitting an all-time high, it's clear that buyers are taking advantage of the situation and picking up bargains.