 “As summer fades into fall, subtle shifts in demand seen over the summer suggest that Manhattan might be heading for a busier fall season than previously expected. While the real estate market in the city still felt the quiet gravity of a typical summer season, signs of firming underlying demand emerged, setting the stage for what could be a surprisingly active fall season given the lackluster activity seen over the last few years. August 2024 saw 831 contracts signed. While this is 1.3% shy of the seasonal average of 842, it is still 4% above last year's total of 799. The closing of the gap between current and seasonal trends suggests the market is stabilizing after a prolonged "volume trap," where deal activity consistently lagged behind typical seasonal levels for months on end as buyers and sellers waited for other buyers and sellers to act, leading to a vicious cycle of lower inventory and demand. This August’s narrow miss hints that buyer demand may be starting to gather strength earlier than usual.”
-John Walkup, Urban Digs for Forbes
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