From the November issue: The autumn leaves are turning, and New York’s fall real estate market may be changing, too.
Autumn has traditionally been one of the busiest times of the year for residential sales, along with spring — the season of tax refunds and bonuses.
But real estate brokers say the fall selling season has declined in importance over the past few years, thanks to factors like the city’s dependence on bonuses and later-than-usual Jewish holidays.
It’s too soon to say whether the shift is permanent, but some say it could be a long-term trend rather than a temporary side effect of the topsy-turvy, post-Lehman economy.
Data shows that fall sales activity has gradually declined over the past few years. According to research compiled by the listings website StreetEasy, 535 Manhattan properties went into contract in September, down from 571 in the same month of last year and 724 in September 2009. Similarly, there were 868 Manhattan sales in October 2009 and 718 in the same period of 2010, but only 371 sales by press time last month. [more]
