(NEW YORK, NY) — Luxury units in New York City are taking longer to sell. In fact, at the current pace, it would take around 16 months to sell all the luxury units in Manhattan during the second quarter of 2018, a 33 percent increase from last year.
It’s not just New York City that is taking a hit. Luxury listings in the Hamptons would also take around 16 months to sell, a 54 percent increase from last year.
According to the Times, the other 90 percent of listings in Manhattan would take around seven months to sell, nearly half the time of its luxury market.
With that being said, the lower end of the market has also taken a hit. In the last two years, between mid-May and the end of July, around 9 percent of Manhattan listings under $1 million were taken off the market. This summer that number has nearly tripled.