With a higher New York City mansion tax taking effect July 1, buyers and sellers rushed to close deals on expensive homes in the second quarter of 2019, Streeteasy reported. This drove the median recorded sale price in Manhattan to a record high of $1,161,496.
Also on the rise was the number of homes that went into contract during Q2 of 2019: Pending sales increased by 6.4% in Manhattan ahead of the July 1 mansion tax hike. Brooklyn and Queens also experienced an uptick in sales.
These signs, together with pricing that has begun to level out after months of declines, suggest a strengthening market. However, a large surplus of inventory remains.
“It remains to be seen how well this market will be able to absorb the surplus of homes currently for sale across price points,” said Streeteasy senior economist Grant Long.
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Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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