The Manhattan Real Estate Market Update: How Was the Last Week in August?

The Manhattan real estate market stayed true to form for the last week in August. In other words, it was sluggish. Just 149 new listings came on the market (down 2% from the previous week), a low for the year). The number of contracts signed was 155, which is 11.4% fewer than the previous week. Given that this week is a short one and post-holiday, we'll probably see a similar pattern.

Both numbers will start to pick up in a couple of weeks as home buyers and sellers start to leave summer behind and get settled back in the city. We're already experiencing an increase in showing requests for our listings, which bodes well for a busy fall.