Email July 21 - Body

The latest report from UrbanDigs indicates that the summer buying season in Manhattan is shaping up to be quite busy, despite the slowdown in the luxury market reported the previous week. While the market experienced record-breaking activity at the start of the year—hitting its peak at the end of spring, there are still more contract signings this summer compared to previous years due to low inventory and high competition. UrbanDigs co-founder John Walkup says, “summer may see less of a slowdown and more of a continuation of the record-breaking Manhattan market.” A report from Olshan Realty also shows that luxury sales continue to be strong despite the lull we saw earlier this month.

As we approach the fall season, we can expect to see inventory increase as it typically does, which means people considering listing their apartments should act sooner rather than later. Covid discounts are essentially out of the picture now, so strategically pricing your home with minimal time on the market over the next couple of months is still viable. As I mentioned a couple weeks back, nearly two-thirds of Manhattan office employees are expected to return to the workplace by the end of September, which will most likely have an effect on both the sales and rental markets this summer. In fact, it is already being reported that workers are already slowly returning to the office now.

This is also why anyone who may be anticipating a move back into the City should begin their search now before activity intensifies this fall and prime listings they may be eyeing have already sold. This is also a good time for anyone looking to invest in condo/co-ops they can rent out to people returning to the city. This Brick Underground article offers what it claims are the best NYC neighborhoods to invest in and why.

I do my best to share market updates with you weekly so that you’re always up to speed on what’s happening, given the volatility of the market and the external factors that impact it. I also understand it can be a lot of information to digest; and for some of you, speaking over the phone to address questions specific to your situation/needs may be preferable. This is why I always encourage you to reach out to setup a non-obligatory call. I’m here to help whether you’re looking to sell, buy or invest now or later down the road.