“Manhattan real estate sales plunge 38%, but cash deals hit all-time record”
April 4, 2023
“Manhattan real estate sales fell 38% in the first quarter, as buyers and sellers battled over prices and mortgage rates remained volatile, according to new reports.
Total sales volume fell to $4.4 billion in the quarter, with 2,242 apartments and townhouses sold, compared to 2,546 sales in the first quarter of 2022, according to a report from Douglas Elliman and Miller Samuel. The average sales price fell 5% to $1.95 million and the median sales price fell 10% to $1.075 million, according to the report.
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 wealthy buyers usually prefer to pay cash and therefore are less affected by higher mortgage rates. 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…”
What have I been saying this entire time? Cash is king. Never forget it.