The real estate market on Park Avenue has been slow and steady over the past few years, especially in large apartments with 3 bedrooms or more. Even though the last two years have seen highs and lows across Manhattan, Park Avenue has remained fairly consistent in terms of sales volume. While closed sales volume is down so far this year, it is not significant. In general, inventory is up and prices have softened, and renovated homes are outpacing sales of unrenovated homes as buyers are still concerned about renovation time and costs. There are many cash buyers, but those who need to finance have come to terms with current mortgage rates, believing that rates will eventually come down. There are also many buyers who want to be in a new home by the fall and this could help increase sales in the next few months.
In this newsletter you will find an overview of the Manhattan market in general over the first five months of this year, as well as what’s ahead for the real estate market in NYC. We provide a comprehensive analysis of the Park Avenue market with a snapshot of current inventory, what’s in contract, and what has closed this year. We also deep dive into the $4M+ luxury market on the Avenue and what has gone into contract this year.
If you would like to learn more about the current real estate market conditions and trends on Park Avenue or in Manhattan in general, please contact us at [email protected] or [email protected]
Deanna Kory and Ileana Lopez-Balboa
