Staying true to the seasonality of the month, the NYC real estate market experienced a downshift in both prices and level of activities. The Median Sales Price (MSP) for listings that went into contract in August was $1.17mm, lower than earlier months in the year and 8.5% lower than last year’s average MSP of 1.28mm. It also took longer for listings to find a buyer: the median Days on Market (DOM) increased to 82 days from last year’s average DOM of 61 days. However, the market is definitely still transacting. A healthy total of 1323 transactions closed in August, 898 went into contract and 721 were listed in August. From the open houses I held this month, plenty of buyers were still looking, but they knew they had many options and more power than the sellers. We are paying close attention to what next month will bring. This will tell us whether the trend is just seasonality or here to stay.
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