2020 Market Report
The 3rd quarter numbers are in and it’s very clear: New York is cheaper than it’s been in a long time.
Between the high inventory, recession jitters, and crazy low interest rates, we are again in a market that really favors buyers. With my favorite market indicators – days on the market and available inventory – both up from this time last year, it’s the best market I have seen for buyers since 2009.
But here’s the rub: sales volume is still really high in both Brooklyn and Manhattan. In fact, it is within a few points of where activity levels were last year. So, what’s the takeaway? Lots of buyers are jumping into the market and are getting good deals on homes. If you have been waiting on the sidelines for “the bottom,” now might be the time to take advantage of the perfect storm of favorable conditions. Flexible sellers, high inventory, and low-interest rates will help make for a smart investment that will stand the taste of time.
