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Everything happening in the market right now is in line with what we expect for the last month of the summer. Supply is down and pending sales are down - slightly. The one market indicator that is not so normal is the number of listings being taken off the market or pulled from the market. That number is high at 189 a month. This tells me that sellers are not receiving the interest or offers they expected. Some sellers instead are renting their units.
The median listing discount in Manhattan for July was 2.3%. This percentage represents the discount between the original asking price and the closed price. As you can see by the graph, buyer discounts have decreased with the peak of the discounts being offered in April 2021 and the lowest level being that of last month.
*Source: Urban Digs
As I speak to colleagues in the industry it has come to my attention that there is a lot of fraud going on in the rental market with some people posing as agents and listing apartments that are not real or not available for rent. Please be careful out there. Do not give a deposit to an agent without doing some homework on the person and the company they work for. These frauds are mostly being found on third-party websites such as Streeteasy, Craigslist, RentHop etc.
Rent and food costs are at the highest level we have ever seen. When you are a homeowner, your mortgage does not increase. Keep this in mind when you are thinking of renewing your lease. Take a look at these examples where a mortgage equates or is less than rental prices for similar properties across the city.
Are you thinking of buying or selling? Please reach out! I am here to help with all your real estate needs.