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Hi LivNY!
June is traditionally a time of increased real estate activity in New York City, with the spring sales period winding down and the rental season kicking into gear. However, this year presents a unique situation as inventory becomes scarce, prompting a wait-and-see
approach due to potential interest rate changes by the Federal Reserve.
Sales Market - May witnessed an impressive surge in Manhattan luxury real estate, with 40 contracts signed during the week ending May 14. This marked the highest weekly sales total for luxury properties in 2023 and the largest since May 2022. Notably, while
sales in Manhattan and Brooklyn saw significant increases across all real estate categories, the number of listings decreased. This trend indicates that low inventory levels may dominate the NYC market for buyers and sellers throughout the summer.
Rental Market - Rental prices continue to remain high across the city, with a region-wide increase of 6.1% in monthly rent since April 2022. As we approach the peak rental season in July and August, it is unlikely that landlords will offer as many deals, and
tenants may opt to wait and see whether prices stabilize, increase, or decline in the coming year. This suggests a potential rise in lease renewals and limited negotiation room for renters.
If you plan to list your property in the third quarter, it is important to note that properties are spending more time on the market compared to previous years, with few selling within 90 days or less. However, given the lower inventory, pricing your property appropriately for the local market conditions could expedite the process of securing a signed contract.
Overall, engaging a reputable real estate agent who possesses market expertise remains the best strategy to ensure a successful transaction.
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