What is the summer slowdown? Manhattan real estate is expected to remain hot as new listings drop weekly


New York homebuyers expecting less competition this summer may be shocked. Manhattan’s summer shopping season will be one of its busiest in recent years, according to a new report from a real estate data provider. UrbanDigs

Traditionally, the summer months bring warm weather and a general downturn in the Manhattan real estate market; however, the combination of low inventory levels and high competition has resulted in an increase in weekly contracts over the past few years.

UrbanDigs co-founder John Walkup takes stock of market activity that began to pick up in the fourth quarter of 2020 before peaking in late spring. “The number of contracts signed on a weekly basis far exceeds what we expect in a typical year – and this trend continues, at least until early April. So there may be less recession this summer and more – a continuation of the record-breaking Manhattan market. ”

After a sharp increase in the number of contracts signed from April to May, the weekly average has remained stable at around 300 or more contracts signed before June, the highest level of activity in five years. During the first week of July 2021, about 275 contracts were signed, surpassing the previous five-year high of 180 contracts signed in 2017.

For new active listings, the numbers tell a different story. There were just over 200 new listings in the first week of July, according to UrbanDigs, down roughly 50% from the same period in 2020. The annual decline in the number of new listings entering the market is expected to continue through the summer.

Compared to other large markets in the US, Walkup says the Manhattan market has been recovering slowly, but there was a “breakneck pace for deals” in the middle of winter. “However, like other metro markets, the peak of activity was at a record,” he adds.

Despite the increased activity and the reduction of inventories, first-class properties in various price categories enter the market every day. This classic six-room Carnegie Hill apartment in one of the finest buildings on Park Avenue. traded for $ 2.65 million… The residence, with two bedrooms and 2.5 bathrooms, had a bright living room with a wood burning fireplace, a large dining room and kitchen with windows and a spacious study. The south-facing window overlooking Park Avenue is another feature.

Residential options worth approximately $ 2.8 million include: this Lenox Hill apartment in a classic building designed by Schwartz & Gross. Converted into an extra bedroom or family room, the seven-room (formerly eight-room) residence features flexible layouts, 10-foot ceilings, beautiful wood floors, and a glass-fronted study / library adjacent to the living room. …

At a price of $ 3.2 million this residence on Park Avenue in Carnegie Hill combines well-designed rooms (including a 31-foot-long entrance gallery) with over 9-foot ceilings, wood floors and large windows. The 2,300-square-foot floor plan also includes ample toilet and storage space in a pet-friendly building.

At the legendary Hotel Des Artistes in Lincoln Square, a south-facing duplex. once belonged to pop artist Leroy Neumann sells for $ 4.25 million. Carefully restored and improved, pre-war residence It combines original features such as a plaster ceiling and a stained glass entrance window with a modern chef’s kitchen and two spacious bedrooms. In the main residential area, which stretches for about 30 feet in length, panoramic windows offer side views of Central Park.

Prices rise even higher on the Upper West Side, where this multi-story condominium is located inside the Kiska boutique building. traded for about $ 8 million… A lockable lift is used to access the four-bedroom, three-bathroom residence that features an improved kitchen, outdoor dining area and stunning views of the Central Park skyline and treetops.

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