As we embark on the first market update of 2024, let's review the trends, shifts, and notable events that shape the financial landscape.
It was a challenging year for Manhattan's market in 2023. On an optimistic note, inflation and mortgage rates began to decline without a significant recession.
 
Pricing:
Manhattan prices are now comparable to levels seen in 2015 and 2016, with pricing in the fourth quarter adjusting to weaker demand and buyers’ lower purchasing power.  The average and median price per square foot fell year-over-year for the second consecutive quarter — down 5% and 9% to $1,785 and $1,305, respectively.
 
Volume of Sales:
Sales fell annually for the fifth straight quarter in Fourth Quarter 2023, but less so than earlier this year.
  • Market-wide, closings fell 3% annually to about 2,800 sales and $5.47 billion in volume.
  • Resale co-ops Manhattan’s, largest product type, saw sales rise 2% YOY — the first annual increase since mid-2022.
  • Signed contracts fell 3% annually to about 2,300 deals, but many weeks in Q4 2023 were stronger than 2022.
​New Listings:
New listings hit a four-year low this fall as sellers, many locked into low mortgage rates, remained hesitant to list. As of mid-December, 6,385 units were actively listed in Manhattan — down 2% annually.
 
Days on the market:
Despite lower supply, concerns around the state of the market continued to hamper buyer urgency, with days on market up 6% annually. But well-priced properties still sold quickly.
In case you're interested, please check out the full report  Manhattan 4Q market report.
 
As we welcome the new year and the possibilities it offers, we have carefully curated these city recommendations to help you kick off the New Year with a bang. Winter winds may chill the air, but within these pages, we hope to ignite the warmth of community, discovery, and shared stories. Here's to an exciting, prosperous, and exciting New Year!
 
Should you have any questions, I'd be glad to speak with you over the phone or meet up for coffee or tea.                                                                                                                
Cheryl's News & Views on the city that never sleeps
MANHATTAN  |  JANUARY 2024
As we embark on the first market update of 2024, let's review the trends, shifts, and notable events that shape the financial landscape.
It was a challenging year for Manhattan's market in 2023. On an optimistic note, inflation and mortgage rates began to decline without a significant recession.
 
Pricing:
Manhattan prices are now comparable to levels seen in 2015 and 2016, with pricing in the fourth quarter adjusting to weaker demand and buyers’ lower purchasing power.  The average and median price per square foot fell year-over-year for the second consecutive quarter — down 5% and 9% to $1,785 and $1,305, respectively.
 
Volume of Sales:
Sales fell annually for the fifth straight quarter in Fourth Quarter 2023, but less so than earlier this year.
  • Market-wide, closings fell 3% annually to about 2,800 sales and $5.47 billion in volume.
  • Resale co-ops Manhattan’s, largest product type, saw sales rise 2% YOY — the first annual increase since mid-2022.
  • Signed contracts fell 3% annually to about 2,300 deals, but many weeks in Q4 2023 were stronger than 2022.
​New Listings:
New listings hit a four-year low this fall as sellers, many locked into low mortgage rates, remained hesitant to list. As of mid-December, 6,385 units were actively listed in Manhattan — down 2% annually.
 
Days on the market:
Despite lower supply, concerns around the state of the market continued to hamper buyer urgency, with days on market up 6% annually. But well-priced properties still sold quickly.
In case you're interested, please check out the full report  Manhattan 4Q market report.
 
As we welcome the new year and the possibilities it offers, we have carefully curated these city recommendations to help you kick off the New Year with a bang. Winter winds may chill the air, but within these pages, we hope to ignite the warmth of community, discovery, and shared stories. Here's to an exciting, prosperous, and exciting New Year!
 
Should you have any questions, I'd be glad to speak with you over the phone or meet up for coffee or tea.                                                                                                                

Cheryl Rodrigues
Cheryl's Open House - Discover your dream home
Check out my active listings and I will be happy to give you a tour.

2024 – Time for Some Change
Whimsical Winter Designs
Winter has a way of making things seem a little dull and grey. Since more of our day is spent inside staying warm, now is the perfect time to add some life back into your home. Mansion Global explores playful ideas like vibrant colors, unconventional decor, and lively patterns, to help create a spirited and uplifting interior. Check out more at the link below.
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Space Heaters to Keep You Warm all Winter
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Happening Around the Boroughs
Winter Jazzfest
Winter Jazzfest is NYC's annual celebration of contemporary jazz music, hosting an array of global artists across venues throughout the boroughs. From intimate club settings to larger concert halls, this festival captivates audiences with its diverse lineup and vibrant energy, making it a must-attend event for jazz enthusiasts and music lovers alike. Check out the full lineup and purchase your tickets at the link below.
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The Winter Show
The Winter Show, a prestigious art, antiques, and design fair, returns on January 19th for its 70th annual year at the historic Park Avenue Armory. Showcasing exceptional works from a wide range of cultures and time periods spanning 5,000 years, The Winter Show is celebrated for offering a unique blend of historical depth and contemporary sophistication. To learn more about the event and to purchase tickets, follow the link below.
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MLK Day of Service
Martin Luther King Jr. dedicated his life to service and helping others. Since King's birthday was first observed, it's been a tradition for people across the country to devote the day to service. On January 15th, we can all honor his memory, and take this day to volunteer and give back to those in need. Click on the link below to find an opportunity to volunteer in your local area.
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Best Spas Around New York City
Indulging on a visit to the spa in January may be exactly what you need after the holidays. It not only offers an escape from the winter chill, but also provides a rejuvenating experience to kick off the year feeling refreshed and invigorated. Luckily, New York City is a haven for all types of wellness hubs. Here are some of our favorite locations around the city.
Cheryl Rodrigues
Cheryl Rodrigues
Licensed Associate Real Estate Broker
International Real Estate Investor-20 Years
(646) 823-7690 (M)  |  (212) 323-3821 (D)
Cheryl.Rodrigues@corcoran.com
Multi-Million Dollar Club Member
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Real estate agents affiliated with The Corcoran Group are independent contractors and are not employees of The Corcoran Group. The Corcoran Group is a licensed real estate broker located at 590 Madison Ave, NY, NY 10022. All information herein is intended for information purposes only and has been compiled from sources deemed reliable, but Corcoran makes not warranty or representation as to the accuracy thereof. All dimensions provided are approximate. To obtain exact dimensions, Corcoran advises you to hire a qualified architect or engineer. Equal Housing Opportunity. ©2024 The Corcoran Group. All Rights Reserved.