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The total amount of apartment available for sale in Manhattan has been trending down since the end of the winter and even though a lot of sellers pulled their apartment off the market in the early phase of the shutdown, today’s overall supply is still 20% lower than the supply that was available August 2020.
The number of pending sales remains very high. In the past month, there were 1,327 contracts signed (aka pending sales). Historically, in the summer months we see this number is in the 800-900 range, so what is happening in today’s market is very unusual and signals a lot of strength.
What does this data mean for sellers? The consensus among my real estate peers is that inventory is low and almost every buyer’s agent I know is struggling to find good options to show their buyers. If you are considering selling this is an opportune time. Your apartment will have less competition right now than if you waited until the summer is over. The data is clearly signaling favorable conditions for sellers with lowered negotiability between the asking price and the selling price. Reach out to me if you’re curious to learn how to benefit from this market and sell for more money and faster.
What does this data mean for buyers? Be prepared. This is probably not what you want to hear but there will be more buyers going after the same apartments. If you like an apartment, it is very likely 2-3 other buyers like it as well. What can you do to prepare yourself? Have your documents ready, speak to a lender and obtain a pre-approval and complete a financial statement. If you’re paying all cash have a proof of funds handy. For guidance on what to do please reach out for a buyer’s consultation.
If you are looking for a market update on new development sales, please reach out.
Note: This information is provided to you by a neutral unbiased party (Urban Digs) as well as my own real time experience of the real estate market place. I hope you found this information helpful.