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July 26, 2019 Comments Off on Impending Mansion Tax Pushes Manhattan Townhome Sales, Pricing Views: 729 New York News, Top New York

Impending Mansion Tax Pushes Manhattan Townhome Sales, Pricing

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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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