MAY! That is assuming we define the best month for a seller to list as the month that seasonally experiences the highest contract volume. Sellers take notice, we can certainly use the inventory!
If we add up Manhattan Contract Volume for each month over the past 5 years, the ranking list is as follows:
#1 – MAY – with 5,560 total contracts written
#2 – MARCH – with 5,552 total contracts written
#3 – APRIL – with 5,537 total contracts written
#4 – JUNE – with 5,265 total contracts written
#5 – FEB – with 4,718 total contracts written
#6 – OCT – with 4,327 total contracts written
#7 – JULY – with 4,282 total contracts written
#8 – NOV – with 4,184 total contracts written
#9 – AUG – with 4,038 total contracts written
#10 – DEC – with 3,813 total contracts written
#11 – JAN – with 3,397 total contracts written
#12 – SEP – with 3,394 total contracts written
The Skinny for Buyers –> You are right in the middle of the most active part of the calendar year in Manhattan with the best month yet to come. Expect buy side competition for quality product to continue for a few more months unless equity/credit markets do something they havent done in years; selloff. It just feels as if buyers have not had sustained leverage in their favor for years as this fed induced reflation continues.
The Skinny for Sellers –> Leverage continues to be strongly in your favor and price action is at or very near record levels – but in the end remember that its the buyers that dictate value. Always listen to the market, especially Manhattan Days on Market stats which is at 47 now, when it comes to analyzing pricing strategy. If something is not selling then its either a market problem, a product problem or a price problem. I am here to confirm it is not a market problem. Only you know if its a product problem (think dark views, unrenovated, low floor apartments). So if its not one of those and you have been on the market for longer than the Manhattan median, then its a price problem! Adjust the price and take advantage of the seasonally strongest months for deal volume.