The pace of the New York real estate market picked up in June, with just under 1000 contracts signed and over 800 deals closed in the month, demonstrating much more movement than April and May. Prices increased a little bit from last year. The Median Sales Price of 1.35mm is 4.5% higher than last year’s average price of $1.29mm. According to Streeteasy, the lowest-priced homes saw an 11.8% price increase YoY while the luxury market prices dropped 3.4%. The absorption rate is stable at 6.3 months. What supports the velocity of the market is the willingness from the sellers to accept an increasingly buyer’s market. Shares of listings experiencing price cuts are around 10% smaller than last year. Discount from initial ask also decreased to 6.8% from earlier in the year.
The single most important thing landlords and sellers need to do in this market is pricing their listings accurately. Because the fundamentals point to a balanced market, unlike a market on the upswing, there is no room for greed! In addition, when most sellers are realistic, the few overpriced listings really stand out. Compass research shows, some 70% of a listing’s lifetime views happen within the first 2 weeks of coming onto the market. But if a landlord or a seller listens to the market and acts rationally, the median Days on Market is still only 63 days.
Now that summer is finally here, let’s look at some out of box summer vacation ideas!