Mid-Summer Manhattan Real Estate Market Update

Here I go again providing anecdotal evidence of what is happening in today’s Manhattan residential real estate market.  I just can’t stop myself.  After a very quiet month of June, someone has awakened the buying masses.  Some of my personal evidence of the recent blip in activity.:

  • 2 properties that we have been marketing for 3-6 months now have multiple offers on them.
  • Another property that we have been marketing for more than 6 months had its most highly trafficked open house yesterday (it remains to be seen if we will have any offers).
  • My team and I had over 80 (yes 8-0…EIGHTY) people come through another open house yesterday and we already have multiple offers on this property.
  • One of my buyers ($4M price point) wanted to see a property that came on the market Thursday evening that already has 2 offers on it.
  • Another of our buyers waits on the sidelines for more inventory (likely not the only ones which could very well put them in a multiple bid situation when the time comes).
  • And another property that we just brought on the market received an offer in less than a week (not an acceptable offer but an offer nonetheless).
  • We also have 3-4 more properties coming on the market in the next 1-2 weeks.

So the current Manhattan real estate market continues to defy national housing trends by chugging along and continuing to frustrate buyers, some sellers, and many agents as making sense of it is nearly impossible. 

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