If it's the first of the month, it's time for Curbed's monthly roundtable on the state of the residential sales market in New York City. Above, a graph we jacked from the August Luxury Letter, penned by Elliman brokers Leonard Steinberg and Hervé Senequier. Here's what they have to say: "A new trend has emerged: Over the past few years, inventory levels have spiked noticeably immediately after Labor Day, after a notable decline in the summer: Will this trend repeat this year?... while the market is expected to heat up after Labor Day, we have found the only thing that rises are the inventories, NOT the activity levels... So buying in September, October and November may actually be the opportunity months for buyers, a time where they may not necessarily be able to negotiate hard, but at least they may have more choices."
Those in the market now, or looking ahead to the fall, thoughts on market timing, or other observations from the belly of the beast? The comments await your insight.
· Luxury Letter August 2007 [luxuryloft.com]
· Curbed Roundtable: July State O' the Market Report [Curbed]