Hello Friends!
We hope your August has been wonderful, hot, humid, and filled with ample summer memories. We’ve officially entered the final days of Triplemint (!!!). In early September, the name Triplemint will become a relic, and we’ll officially become The Agency (ICYMI: Triplemint x The Agency Joins Forces). Over the last 90 days, the two brands have been tirelessly working on the backend to transition Triplemint into The Agency’s world of wonder.
How’s the Market? Manhattan inventory is at its lowest level of 2022 (the prior low was in April). When looking at the number of pending sales, we can see that while demand is down a bit in Manhattan, 2022 is seeing higher demand than 2019. Brooklyn inventory is still super tight and trending slightly down, continuing to put pressure on buyers.
Demand remains strong and stable in Brooklyn, as it has been the last 12 months. Data suggest that sellers in Manhattan are more fearful of the shifting market than sellers in Brooklyn. Manhattan sellers are slashing their pricing faster and Manhattan buyers are seeing this as their opportunity for a better deal than in 2021 in the borough (We thank UrbanDigs for our most up-to-date weekly updates).
The Hamptons market has likely peaked after all the pandemic craziness that ensued since 2020. The Hamptons inventory dwindles as buyers remain very interested. One third of all recent closings have had bidding wars (Bloomberg). We’re looking forward to the fall market and seeing new homes enter the market.
Next month, you’ll see us painting the town red as The Agency. Triplemint, you have our hearts and memories, and we’re excited for the new adventure that awaits us with our clients ahead.
Interested in learning more about the Triplemint x The Agency partnership and how that may affect our relationship with you as a client?
