Market snapshot March 2019

New York City is among the nation’s priciest cities, and the Fed’s recent hawkish turn on interest rates does not favor affordability, slowing the market for sellers and impacting buyers. Increasing development combined with an influx in new inventory on the market ( roughly 20,000 units according to the NYT ) and falling sales all contribute to laying the foundations for the City’s transition into a buyer’s market. In fact, new inventory is expected to be injected into the pipeline throughout 2019, which will force sellers to cut asking prices to oxygenate demand. Due to a market cool down, investors and home buyers will therefore be met with a much wider array of choices in terms of investment properties or homes for sale, regardless of what they are looking for. At the current sale level, it will take roughly six years to sell all the new development in Manhattan (homes seeking $4 million or more taking an average of 447 days to go into contract). Sellers and developers need to re harmonize demand by lowering listing prices or offering incentives to buyers.

Median listed price
Median Listed Price Chart
NUMBER OF PROPERTIES SOLD
Number of Properties Sold Chart
CONTRACTS SIGNED
Contracts Signed Chart
LISTINGS INVENTORY
Listings Inventory Chart
AVERAGE PRICE PER SQ. FT.
Average Price Per sq. ft. Chart
LISTINGS WITH PRICE DROP
Listings With Price Drop Chart