True to typical summer seasonality, sales volume slowed in July with only one sale. However, the one sale at 352 Riverside Drive was an 8-figure sale with a closing price of $11,605,000 which contributed to rising 2018 overall numbers. In addition, there are currently 7 properties in contract, meaning an uptick in sales volume is imminent as we wait for those deals to close.
While the year-over-year numbers to date are down across the board, the market outlook is improving and the gap between 2018 numbers and 2017 numbers has been closing. Anecdotally, signs for the fall 2018 market are positive, given that there seems to be above average showing activity this summer. Not surprisingly, the story is all about pricing. The average asking price is down by about $1 million from 2017 (from $10.5M to $9.5M), with the vast majority of houses on the market having undergone price reductions. The hope is that with a healthy economy, solid Wall Street bonuses and a strong stock market, buyers will get off the sidelines and take advantage of the new market reality.