Summer is over.The Fall real estate market is underway. There is uncertainty in the middle east, a possible war in Syria an important election will take place for a new NYC mayor that may affect the real estate market and it's fashion Week.
Real estate inventory is still very low. Interest rates while rising are still very low. In July Average price per square foot for condos and coops increased significantly over last July. The strength of the market is evident in the rising prices and the increase of contract activity. Average sale prices rose 55% year-over-year for condominiums and 69% for coops. This can be attributed to a decline in sales under $1M and a tremendous 400% growth in Corcoran sales over $5M this July compared to last July.
Strong local, national and international demand is currently directed toward a far depleted supply. Prices responded to the strong demand, limited supply, low interest rates (now rising but still low) and continued confidence in New York as a safe and thriving market. The August monthly market snapshot should be out some time this week.
Happy buying and selling.