The luxury housing market in New York City is currently facing a slight slowdown, typical for the summer months as buyers go on vacations. Although there has been a small increase in signed contracts recently, the effects of the slowdown include decreased sales. The highest recorded luxury sale recently was a condo at 825 Fifth Ave for $34.75 million. This seasonal trend offers potential buyers greater opportunities due to less competition and sellers eager to negotiate.
The luxury housing market in New York City is experiencing a slight slowdown despite the summer season. The latest Olshan Luxury Market Report indicates a marginal increase in signed contracts compared to the previous week, with the most expensive contract being a condo at 825 Fifth Ave listed at $34.75 million.
The market slowdown during summer is considered a seasonal trend, with luxury buyers often taking vacations during this period. While the market has seen a decrease in sales during this time, experts note that it can also present good buying opportunities with reduced competition and motivated sellers.
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