Christmas in July sounds nice, unless you’re a real estate agent.
New signed contracts and new listings in Manhattan and Brooklyn kept falling last month and are near their winter lows, according to a monthly report by Miller Samuel for Douglas Elliman.
With a seasonal lull anticipated in August, the summer is shaping up as a long one for agents and brokerages.
“We just went into summer at a lower level because we didn’t have the spring market that was anticipated and that was in large part due to rising rates and the banking crisis,” said Jonathan Miller. “New signed contracts are down, but across every market, new listings are down more.”
In Manhattan, the number of new co-op listings fell to 428, the first time they have been below 500 since December. New signed contracts similarly fell to 323, the lowest point since they bottomed out at 250 in January.
New condo listings fell to 417 last month and contracts fell to 227 — the fewest listings since February and the smallest number of contracts since January. The lack of competition has enabled sellers to demand high prices, despite an increase in mortgage rates.
“Inventory isn’t doing what it usually does when sales drop sharply,” said Miller. “That’s why pricing is essentially holding.”
Brooklyn’s market is in similar straits. Neither market is likely to see an uptick in activity this month, according to Miller.
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“We’re going into the summer doldrums and probably won’t see an uptick until past Labor Day,” he said.
New co-op listings fell to 93, their lowest mark since February, and new listings fell to 100, their first time below 120 since December. Just 170 condo listings hit the market, roughly the same as in February, and 121 went into contract, the fewest since January, when fewer than 100 did.
New listings and contracts fell to or near annual lows in both markets.