What summer slowdown? Manhattan Real Estate is expected to stay hot as weekly new listings plummet

New York homebuyers, expecting less competition this summer, may be in shock. The summer shopping season in Manhattan is emerging as one of the most active in recent years, according to a new report from real estate data provider UrbanDigs.

Traditionally, the summer months bring warm weather and an overall slowdown in the Manhattan real estate market; however, a combination of low inventory and fierce competition has resulted in an increase in the number of contracts signed each week compared to recent years.

UrbanDigs co-founder John Walkup sums up market activity that began to warm in the fourth quarter of 2020 before peaking towards the end of spring. “The number of contracts signed each week is well above what we would expect in a typical year – and that trend goes back to at least early April. So this summer there could be less of a slowdown and more of a continuation of the record-breaking Manhattan market. “

After a surge in deals from April to May, the weekly average remained constant through June at around 300 or more – the highest level of activity in the past five years. In the first week of July 2021, around 275 contracts were signed, which dwarfed the previous five-year high of around 180 contracts concluded in 2017.

For new active entries, the numbers tell a different story. There were just over 200 new listings in the first week of July, or about 50% fewer than in the same period in 2020, UrbanDigs data shows. The year-over-year decline in new IPOs is expected to continue into the summer.

Compared to other major US markets, Walkup said the Manhattan market was slow to recover but “saw a breakneck pace of deal activity from mid-winter.” “As with other metro markets, however, the peak level of activity was record breaking,” he adds.

Despite increased activity and less inventory, first-class properties in various price ranges come onto the market every day. This classic six-bedroom apartment in one of the leading buildings on Park Avenue is in the Carnegie Hill neighborhood for $ 2.65 million. The two-bedroom, 2.5-bathroom residence had a light-flooded living room with a wood-burning fireplace, a large dining room and kitchen with a window and plenty of storage space. A south-facing window overlooking Park Avenue is another perk.

Housing options for around $ 2.8 million include this Lenox Hill apartment in a classic Schwartz & Gross-designed building. The residence with seven (formerly eight) rooms has been reconfigured and offers an additional bedroom or family room.

Costing $ 3.2 million on Park Avenue in Carnegie Hill, this residence has well-proportioned rooms (including a 31-foot gallery) with over 9-foot ceilings, hardwood floors, and oversized windows. The 2,300-square-foot floor plan also offers plenty of storage space and a storage bin within the pet-friendly building.

At the legendary Hotel des Artistes in Lincoln Square, a south-facing maisonette that once belonged to pop artist Leroy Neiman is for sale for $ 4.25 million. The carefully restored and upgraded pre-war residence combines original details such as a plaster ceiling and a stained glass entrance window with a modern kitchen and two spacious bedrooms. In the main living area, which extends over nine meters, picture windows offer a side view of Central Park.

Prices are rising even higher on the Upper West Side, where this full-story condo in the Kiska boutique building is listed for approximately $ 8 million. A key elevator is used to access the four bedroom, three bathroom residence, which has an upgraded kitchen, open dining area, and sweeping views of the skyline and Central Park.

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