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Everything NYC Real Estate. From market updates to discussions with experts, to learning about who we are.

08/07/2023

NYC Market Update, August 7th, 2023

The Facts: Cash continues to be king; an majority of transactions this past week were either all cash or non contingent. Pricing continues to change. 75% of the transactions that crossed our desk went into Contract either at listing or (about 55%) below listing price. Overall average of approximately 4.5% discount. 75% first time deals and 25% second time deals. This means 1 out of 4 transactions initially died, before going into Contract a second time. The Opinion: We are doing our very best to create narratives from a group of transactions, when we should do double down on the transactions themselves. Data may tell you a story, but the real story you should learn about is WHY your clients are or are not selling or WHY your clients are choosing to purchase without contingencies. We need to focus more on the individual in a market like this and less on a "what is everyone seeing."

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Everything NYC Real Estate. From market updates to discussions with experts, to learning about who we are.

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