We all love to mutually complain about how hot it is, so let’s just get it over with. HELP. US. WE’RE. MELTING. Now, onward! We hope your Summer is going swimmingly and you’re finding ways to cool off with pools and popsicles and rooftops as we smolder and relish in the dog days of summer.
How’s the market? Summer is always a quiet time for real estate markets, and that’s what we’re experiencing in New York, a pretty typical July market. We’re all still reading headlines about the looming recession and the downturn of the real estate sales market as interest rates remain higher than the all-time lows we recently experienced, but we’re not seeing sheer panic. As some buyers pull off to the sidelines to “wait and see” what happens, buyers who remain engaged are finding deals in the city.
New listing supply in Manhattan and Brooklyn are both laying low with a light number of homes coming on the market, as we expect in the Summer. Pending sales are still stable in Manhattan, but we anticipate it may take a dip soon as contract-signed data catches up. In Brooklyn, the number of contracts signed is up from the Fourth of July holiday but overall, it remains pretty stable. We don’t expect a flurry of new listings to hit the market until the Fall season begins in September. The rental market is a runaway train, continuing to set all-time records, as the sales market pumps the much-needed breaks after experiencing mayhem over the last year and a half.
The Hamptons market has returned to normalcy, but prices continue to set records. Contract activity slows out east between May and July as renters enjoy their vacation home experiences at the beach and as future sellers relax and wait to re-engage their sales plans in the Fall. New listings are incredibly tight, and for the second time since the start of the pandemic, the Hamptons has seen a median listing discount of 0%.
If you’re thinking of Selling soon, now is a great time to connect with us to get a plan in place.
Enjoy the heat, and we’ll see you next month!
