“Manhattan’s third quarter results show a market with real underlying strength, even as buyers contend with higher borrowing costs and new policy headwinds like the pied-à-terre tax. That tax is already adding another layer of uncertainty for buyers, particularly at the upper end of the market, and at a time when New York City should be focused on encouraging investment, not creating new reasons for people to pause.
Even so, buyers who find the right home are moving decisively. Faster sales and a surge in luxury closings make clear that demand is still there. The bigger structural issue continues to be a lack of supply. With available listings and new development inventory both near multi-year lows, buyers are competing for a shrinking pool of homes. Until we see new inventory come to market, limited supply will continue to support pricing and intensify competition for the city’s most desirable properties.”
– Pamela Liebman, Corcoran President & CEO
