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Dive into Manhattan's intriguing summer market! Inventory dips, hinting at a seller's edge, yet overall activity remains muted. Low June contracts suggest a buyer's opportunity, but uncertainty keeps many cautious. This wait-and-see approach could shift as summer unfolds. We're thrilled to present the latest scoop on Manhattan real estate! This newsletter keeps you informed with exclusive updates and curated content to empower your real estate journey. |
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Q2 2024 Manhattan Townhouse Market Report |
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Manhattan's real estate market defied its sluggish start and found its footing in the second quarter. Sales climbed compared to both the previous year and the first quarter, painting a positive picture. Contract activity also thrived, hinting at a robust closing season in the latter half of the year. Prices held higher than last year, but a slight decrease in the average price per square foot suggests a potential increase in affordability for buyers. Inventory started to rise, but buyers remain discerning, mirroring the cautious approach evident throughout the Manhattan market. |
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| Q2 2024 Manhattan Market Report |
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Manhattan's housing market navigated a bumpy first half, with buyers and sellers adjusting to a new reality. Low inventory (though slowly improving), higher interest rates, and a strong focus on price all created ongoing ups and downs. Yet, the second quarter proved resilient. Apartment sales held steady compared to last year and jumped 45% from the first quarter, exceeding typical seasonal trends. This suggests that both buyers and sellers are adapting: buyers are still active, and sellers are becoming more flexible to meet current market conditions. |
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| | | In June, the luxury real estate market (properties valued at 4M+) experienced a notable shift in activity. The month began with 24 and end with 30 contracts signed, followed by a peak in the second last week with contracts signed. This marked a similar from the previous pattern, where peak activity occurred towards the second week of the month. Source: Olshan Market Report |
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Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. All Coming Soon listings in NYC are simultaneously syndicated to the REBNY RLS. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. |
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