Sales in the Manhattan second quarter real estate market jumped 12.5% for the first time after six quarters of decline. The $2M to $5M range soared with a 37% increase in the number of sales. The overall price trend indicators moved higher, while the median price hit a new record. With the overall listing inventory is at its highest level in 7 years, co-ops in particular hit their 6 year peak last quarter. After 6 straight quarters of annual declines it was condo sales that rose the most in 3 years. The number of luxury sales above $10M rose sharply from last year. It was the first year over year increase in the number of new development sales in nearly two years.
What’s Behind These Numbers?
The big increase in the number of sales this past quarter were due mainly to buyers rushing to close before the July 1 increase in the mansion tax. The second quarter poached sales from future quarters so the market going forward will most likely still favor buyers.
Sellers: Pricing tightly to the market value and having a keen marketing strategy will bring you success.
Buyers: You have more choices than you have had in 7 years and at great prices. Now’s the time to take action!
For the full Q2 Market Report, click here.