Hello Friends!
The big day has come! As of this month, Triplemint is now The Agency New York. The Whitman Team is thrilled to be part of the global, boutique brokerage that has single-handedly transformed the experience of buying and selling real estate. As members of The Agency, we can provide our clients with a unique combination of local expertise, global reach, boutique concierge service, and cutting-edge technology. We now have an internal network to promote our listings and support our clients no matter where in the world they may be headed.
How’s the Market in NY now that we’re in the post-Labor Day Fall Market?
Brooklyn and Manhattan supply is coming back, as we expected. Will it continue to rise for a few more weeks or settle down? – We’re keeping an eye on the trends with our friends at Urban Digs. In Manhattan, new listings have come on the market, though not as much as we’ve seen in previous years. Buyers in Manhattan have more negotiating leverage today compared to the leverage they had 3-4 months ago. While transactions may feel lighter in Manhattan compared to the frenzy in 2021, Manhattan is back to its “norm.”
While Brooklyn supply ticks up, the market remains in favor of sellers. If your home is priced right in Brooklyn, it is moving quickly, generally at the asking price or above. Manhattan sellers are having to negotiate more with buyers more compared to sellers in Brooklyn. Across the city, sellers need to be prepared to bring their homes on the market with the right pricing strategy so that they don’t lose out on the valuable momentum during their first few weeks on the market.
Out East, supply is rising but homes are still selling swiftly. According to the Real Deal, “The median number of days on the market for closed listings last month was 111, an all-time low.” Listing discounts appear to be coming back. For two months, the median listing discount was 0%. The median last asking price last month was roughly $2.6 million, but the median sale price was about $2.2 million, creating a listing discount of 2.3%. Much like the trend across the rest of the country, buyers Out East are more hesitant to spend as much as they were when interest rates were under 3%.
Until Next Month,
The Whitman Team
The Whitman Team
