The Manhattan Real Estate Market Has Slowed

The Manhattan market has slowed. It's not due to a lack of supply. We've been averaging around 7,665 homes on the market each week. That's slightly lower than normal, but it's still a significant number. Where we are below trend is demand. Currently there are 2,678 pending sales, which is lower than where we'd normally be this time of year.

We're hearing from our colleagues that traffic to their listings is down, especially for "aspirationally" priced ones. Sellers, if you're serious about selling, price to the market. Otherwise you'll sacrifice those crucial first 2-3 weeks when buyer interest in your home is at its highest.

Buyers, you may have some leverage. Expect more of a 5% discount than the 15-20% discount you're hoping for. If sellers were desperate there would be an ever-growing number of homes coming on the market. That's not happening.