Summer in the City Isn’t Pretty

While New York has seen consistently warm temperatures throughout August, the Manhattan luxury real estate market has been anything but hot. Olshan Realty Inc.’s weekly luxury market report found that for the week ending August 23rd, only 21 contracts were signed for properties valued at $4 million or more, identical to the week previous and almost unchanged to the same period last year (19 contracts signed). August is typically a tough month for realtors in New York City, but this year’s seems particularly rough, especially in terms of time on the market. According to the agency’s data, the average number of days on the market for Manhattan luxury homes in August so far in 2015 is 300, up 76 days from the same period last year. As the report notes: “April is supposed to be the cruelest month, but August often seems to give it a pretty good run for its money.” Read the full report