Three Trends We're Seeing in the NYC Real Estate Market
Last week was an interesting one in the New York City real estate market. Here are three trends we observed:
Fewer pending sales. But, there was a big bump in Manhattan signed contracts last week - 215, up 48% from the week before. Will this turn into a trend, or was it a one-off? Time will tell.
Flat inventory. Fall is the second busiest listing season. This year, while new homes have been coming on the market, the numbers in both Manhattan and Brooklyn are remaining pretty steady. We haven't seen the usual listing wave.
Rising luxury market sales. In an odd coincidence, 21 contracts were signed in the Manhattan ($10M+) and 21 in the Brooklyn ($2M+) luxury markets last week. That's a significant increase from where they've been recently. High-end buyers are obviously confident in the market. Some could be paying cash and therefore not concerned about interest rates, and might be finding some extra price negotiability.
What does all of this mean? Sellers aren't desperately flooding the market with fire-sale properties, or we'd be seeing noticeably rising inventory levels and pending sales. Still, there could be an opportunity for buyers to get the upper hand, depending on the property - cash buyers especially.
Of course, every situation is different and every market is hyper-local. To schedule a consultation on how current market conditions can impact your home sale or purchase, please get in touch.
