August NYC Market Update
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As we now enter the tail end of the Summer in one of the most electric consecutive few months I could remember in NYC, the real estate market begins to settle down and enjoy these last few weeks of beautiful weather for the month of August. New Yorkers suddenly realize that the summer is quickly slipping away and search to find some much deserved time away to decompress and reset. After a fairly strong Spring market which was flooded with new inventory, August takes a step back and gives everyone some time to regroup and reflect before the Fall market makes its comeback. With that said, August is seemingly still very active and could potentially be a great time to buy or sell if you know where to find the best deals. We haven't seen too much of a slow down on our end. Many buyers are still very active and confident August can provide them with less competition and some additional negotiability. As we continue throughout the month, inventory will continue to dwindle as we approach Labor Day. The sellers that are currently on the market, will wrestle with the decision to take the listing off the market for the month or stick it out and see what happens. For our seller listings, interestingly enough, we've been noticing an uptick in buyer activity. We've actually received several accepted offers for both our buyers and sellers! So for those that are saying August is usually dead in New York City, that's not what we are experiencing! In fact, it could end up being the perfect time for you to buy!
Then once September starts, the kick-off to the Fall market begins with a spike in inventory that will continue to rise and peak towards the end of September/early October. It's such a short fall market, some might say quick but furious! Plus it's riddled with holidays almost every other week, so it can present its own set of challenges as well.
Before we get there however, we wanted to share what's currently happening this August. Below please find some Manhattan charts and see for yourself how the market is currently holding up.. We're looking forward to enjoying these final weeks of Summer and we hope to see you soon this Fall!
