November sales picked up on the positive momentum from October. With two closings, four properties in contract, and five new listings this month, market activity has picked up since the summer slowdown. Two of the four properties currently in contract are eight-figure single-family townhouses, as are three of the five new listings, which suggests the luxury market is continuing to recover from a slow 2016. To date, there have been 10 eight-figure sales in 2017 versus only five in 2016. The mid-level market is also maintaining its momentum, with both November sales under $10M. 381 West End Avenue, a unique 3-family townhouse sold for $5M, while 320 West 80th Street, a single-family home sold for $7,649,000.
Moving into December, we expect to see the market temporarily lose momentum due to the holidays. Many sellers decide to wait until after the holidays to list their properties as buyers head off on vacation. Uncertainty over the impact of the tax legislation may also contribute to a holiday slow down. On the bright side, a lull in purchasers' schedules providing more time to focus on real estate purchases can lead to a spate of late year transactions. In addition, and most importantly given the financial sector's impact on the New York real estate market, Wall Street has had a very good year which should result in a strong bonus season as we head into 2018.
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