Q4 2019 Market Report
It’s 2020 - What does this new decade have in store for the New York City Market?
In Manhattan, the market is virtually unchanged from this time last quarter. We experienced almost the same amount of deal volume, and the number of closed sales was also almost exactly the same. Supply is up a little, by 5%. The most notable shift is the amount of time it takes to make a deal; up 10% to over 120 days. The median price point slipped 3% to $995k and remains below $1M for the second quarter in a row. Overall, prices in Manhattan are hovering around the same price points they were five years ago.
In Brooklyn, prices have not receded at all, they’re trending up. We saw sales activity slow down by 5% but home values continued to climb by 1%. Meanwhile, as prices and inventory, in general, continued to increase, buyers found themselves with more choices. Decisions were made with less urgency causing average days on market to creep up.
Sellers, don’t freak out if your apartment doesn't sell in a month. Everything takes a little bit longer than it did a year ago. Buyers, prices have come down significantly since the market peak of 2015 and there are a plethora of snazzy apartments to choose from. Grab a deal while you can! Trophy hunting? If you’re shopping in the over $10M market, it’s an open season to make offers.
