Summer vacation ended early for Manhattan buyers looking to get good deals on their dream homes! Because of lower demand during the warmer months in NYC, sellers are dropping prices and buyers are taking notice.
Read on to find out what else happened in the Manhattan market in July 2019 compared to July 2018, and search homes on Triplemint if you are considering a purchase.
With a 6% decrease in the median listed price and a 4% decrease in the average price per square foot year-over-year, sellers are pricing based on the lower buyer demand during the summer months.
Buyers looking for value are surely keeping an eye on these discounted properties, as the number of contracts signed is up 11% year-over-year. In Q2 2019 compared to Q2 2018, we saw virtually no change in the number of contracts signed, making the shift this month in buyer activity even more noteworthy.
The number of listings is also up 5% year-over-year, giving buyers even more of an incentive to jump in due to an increase in inventory to choose from.
Data courtesy of OLR Market Pulse and current as of 8/13/2019.