How's the Manhattan Real Estate Market This Week?

The word we'd use to describe the current state of the Manhattan real estate market is neutral. It's not favoring buyers or sellers, and it's not unduly slow or robust. Nobody holds the upper hand.

There are around 7,000 units for sale, which is pretty normal for this time of year. We usually reach a high of about 7,500 by June, which tapers off as July approaches.

Over the last 30 days, 969 contracts were signed, slightly lower than the 1,088 or so we historically see by the end of April. Additionally, there were 204 contracts signed in the past week, marking a 14% decrease compared to the previous week. There are several factors that could be at play. We were heading into a long Passover weekend, and it was public school spring break. Then there was the news that the next interest rate decrease probably won't happen until September at the earliest. That certainly gave same buyers pause.

Of course, every situation is different. We've recently seen some sellers accept offers well below their asking price. Other listings are generating multiple offers and over-ask prices. How does a buyer or seller navigate this ever-shifting environment? With the guidance of a trusted, experienced, professional real estate advisor. Please get in touch.