The end of June and the month of July mark the typical pause in the market cycle, but we see buyers selectively moving ahead on properties as they already start to get their “ducks in a row” before going on holiday and in time for the end of summer.
Overall contract signings are seasonally down 18.7%vs last month, and supply has shrunk by 32%.
However, the upper end continues to perform with contracts signed between $15M and $20M up 3.3% from last month and up 40.9% compared to last year.
While the market pulse still favors sellers, the liquidity pace measured by a rolling 30 day average of contracts signed has returned to the seasonal neutral zone.
A quick note on the rental market where prices continue to surge, and inventory continues to shrink. Demand for turnkey short term rental (less than 1year) continues past the World Cup rush.
Speaking of rentals, take a glance at our exquisite, turnkey, furnished 3 bedroom loft in the West Village asking $38,000/month. Also quietly available for sale at $8,000,000.
Sending you my best for these mid summer weeks!
MANHATTAN CHANGE IN CONTRACTS
