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● As expected, after Labor Day and the Jewish holidays, a wave of new inventory appeared to the significant tune of 2,088 total new offerings across all product categories and price segments. Surprisingly however, supply dipped in the weeks following, and resale stock has become short again, frustrating buyers who were looking for more options and prompting multiple offers. New listings were down nearly 30% YOY in Q3, forcing buyers to act quickly and helping to drive sales.
With Labor Day and Rosh Hashanah coinciding on this year's calendar, it’s no surprise that the number of new offerings dropped last week, making 8 consecutive weeks of shrinking new inventory. What’s eye-popping is that 27 contracts over $4M were signed last week, with condos outselling co-ops by nearly 4:1. Even more surprising, the previous week from August 23-29 saw 23 luxury contracts inked with 5:1 condos to co-ops and 9 townhouses, the largest number of TH contracts since Donna Olshan began tracking this $4M+ market segment in 2006 and the strongest pre-Labor Day week since 2014. It was the sixth month in a row for record high contract activity.
Neither winter’s frost nor shortened daylight hours can dampen end-of-the-year holiday parties, with the first Chanukah candle at sundown on the 21st, Christmas on the 25th and Kwanzaa on the 26th. With flutes of champagne and mugs of hot chocolate, we’ll bid goodbye to the last month of the decade to welcome 2020. Merry New Year one and all!
Those hazy hot and humid days of August are upon us in this third month of summer, the perfect time of year to hang your GONE FISHING sign and when most Europeans take their annual vacations. Celebrate Sisters’ Day on the month’s first Sunday, Lazy Day on the 10th, Middle Childs’ Day on the 12th, and Just Because Day on the 26th.
And just like that the 2nd half of 2019 begins with summer in full swing. Local zucchini is in abundance and corn and tomato season lie ahead. Throw some shrimp on the barbie and celebrate the 4th with gratitude. As of July 1, NY State’s new progressive mansion tax goes into effect. A one-time payment at closing, the levy begins at 1% for transactions from $1M-$2M and rises incrementally in eight tiers, capping at 3.9% for sales of $25M or more. It could have been worse.
Take time to smell the roses and the honeysuckle this month. After all, it’s June and the days are longest, so there’s time for gardening, camping and tennis in this first month of summer. Take stock of your achievements as it’s also the end of the 2nd quarter and the midpoint of the year. Happy Father’s Day to all great Dads. Iced tea anyone?
