This August, Deals are Happening in the Manhattan Real Estate Market

Here's some surprising news. Talk to any Manhattan real estate broker and they’ll tell you that the last several months have been slow. However, the Manhattan market is trending above average for August in terms of new contracts signed - 824 so far. Pending sales, at 3,504, are up 75% since the beginning of the year, 10% from last month, and 4% from last year.

So what gives? The numbers may have been skewed by reporting of sales for new development listings. Developers typically wait to release the data until they have a significant batch, rather than reporting them one-by-one. Still, considering how slow the market feels right now (especially since it's high summer), business is being done. That's encouraging.

We're also seeing an increase in visitors to listings (both market-wise and personally). Traditionally there's an influx of new homes on the market in October. Savvy sellers may want to get out there ahead of the competition and list now.

Any questions about your specific situation? Please get in touch and let's talk.