Luxury real estate activity in Manhattan plummeted last week, with only nine contracts signed for homes over $4 million. This downturn is mirrored in South Florida, particularly in Miami-Dade County. Buyers may be on vacation or this could signal a slow third quarter. The count of signed contracts may be understated due to private sales. July showed a rebound with 91 pending deals, a 12 percent increase from last year, but new listings fell by 13 percent, raising concerns about inventory and potential for slowed deal-making in August.
Manhattan's luxury real estate market saw only nine homes sold for over $4 million last week, signaling a potential downturn as summer progresses.
The number of pending deals in Manhattan rose to 91 in July, a 12 percent increase compared to last year, indicating a strong market before August.
New listings for high-end homes in Manhattan decreased by 13 percent in July, from 129 to 112, leading to concerns about a slowdown in contracts.
The Upper East Side had the highest transaction volume in July with 193 deals, showcasing a robust luxury market despite broader trends.
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