A large number of listings went into contract in March – a welcomed break from the few sluggish months prior.
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What will the market look like in 2018? The economy is strong as ever, which strengthens the buyer base who is buying to live in NYC. The negative effects of the tax bill, along with higher interest rates, will likely deter some of the buyers on the margin. Who will win this tug of war?
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After a soft October, the NYC real estate market did not show further weakening this month, both in terms of prices and marketing time.
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This month we see a typical summer market, where there are less activities but buyers and sellers who do choose to transact in the summer tend to be more focused.
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The pace of the New York real estate market picked up in June, with just under 1000 contracts signed and over 800 deals closed in the month, demonstrating much more movement than April and May.
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The Manhattan real estate market bucked the trend of declining market activities and registered a very strong showing in first quarter 2017, which set an optimistic tone for the rest of the year.
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