We are at the end of the summer season! This summer season has been very light in terms of supply and demand.
Manhattan has low supply even for August at 686 (should be at 943) and low contracts signed at 821 (should be 854). Brooklyn has low supply at 600 units with 515 contracts signed.This shows that both supply and demand is low.
In juxtaposition to these findings, the luxury market (2M and up in Brooklyn, 4M and up in Manhattan, and 1M and up in Queens/Bronx) has been having record breaking contracts this year in addition to outperforming the under 2M dollar market this year. They are less impacted by mortgage rates, etc.
Now what does this mean for sellers and buyers on a macro/ micro level?
For sellers- keeping in mind your specific neighborhood, building amenities, unit condition, etc when pricing and marketing your unit will help you sell during this fall real estate season. This is especially important if you need to sell before the end of the year.
For buyers- having flexibility in area and unit condition can give those of you who are looking this fall the ability to get a great unit for your needs. Lots of sellers often need to sell before the end of the year for tax purposes, giving you plenty of opportunity to settle into a new home of your own before the end of the year.
A side bar for foreign buyers- in addtion to all that was said above, the US dollar value has decreased by around 10.5% since January 2025 and depending on your currency exchange has given US housing a price cut. This may make purchasing a home state-side more attractive.
Has this been informative for you? What are your plans for housing at the start of the fall season? Contact me to discuss!
Interest rates are currently at 6.58% according to Freddie Mac's US weekly avg. on
a 30-year fixed. Click
here.
Contract Numbers:
Manhattan had a total of 821 contracts signed.
Brooklyn had a total of 515 contracts signed.
