Manhattan's Real Estate Market is Shifting

Manhattan's real estate market is shifting, with just 6,330 listings. That's the lowest number in several years. The under 200 new listings a week we've been seeing don't replace the listings that are going into contract or being taken off the market. It makes for less choice for buyers, less competition for sellers, and props up prices.

Demand appears to be strong, with 2,993 pending (in contract) listings. It's vital to understand that these reflect contracts signed from mid-February, when the market was busier, to the present. Expect this figure to wane in the weeks ahead as these sales close.

Historically, September sees the lowest deal volume. That reflects the slowdown in showings in August combined with back to school and September holidays. Sellers, take note: patience pays off. In late September more buyers will enter (or return) to the market, increasing your opportunities to sell.

There are plenty of attractive properties at good prices available right now, but many buyers seem to be hesitating. It's a good time to take another look at what's out there. You may find the home of your dreams.