Todays chart is particularly relevant if you have a property for sale in NYC or if are considering it. Think of the month of May as the real estate equivalent of Black Friday for retailers. On the day after Thanksgiving, you cannot even get into some stores as more people are shopping, and buying just about anything that is on the shelves. Retailers know this and they try to make their products as enticing as possible to the throngs of hungry buyers, knowing that after Christmas the demand will be shut off like a faucet. They will even price down inventory that has not been selling.
It's the same for real estate in May. Looking at the chart below (which is the number of contracts signed each month, grouped for yearly comparison), one can see that more deals are signed in May than any other month, April and June are also active, but May is the biggie...... And you can see the drop-off that occurs during August and September.
The point is if you have an property for sale in NYC and it is not listed, advertised, announced, shown to the world, you are missing out on your best chance to get it sold. And if you have had a property that has been languishing on the market, not is the time to make that price reduction before the buyers go to contract on something else. Time waits for no one!
All data provided courtesy of Urban Digs.
Note: Originally posted 4/26/2016 on previous website.
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