NYC 3rd Quarter Real Estate Market: A Buyers Market

Though the excitement of the end of the year is starting to kick in for some, for others that are buying and selling the big question is "What's going on with this market? Will Prices continue to decline and will sellers continue to bend?"

According to Corcoran's 3nd Quarter Manhattan Market Report there was a 10% decline in sales (3,327) year over year with a 23% increase in inventory equating to almost 7,283 listings! Days on the market increased 9% to 97 days and apartments in contract was down 9% with median home prices also decreased 2% to $1.150M. Average and median price per square foot were both down 3%, dipping to levels last seen in Third Quarter 2015. The annual decline was driven by 8% fewer resale co-op sales and 37% fewer new development closings.

The market is definitely continuing to decline, how much further? For homes in the average range of sub $1.5M we expect there to still be movement as that is what is currently selling, however for sellers, it is significantly more difficult to stand out from the increasing number of new inventory coming onto the market. With an average of 3 months on the market until a home is sold, buyers hesitancy is prevalent and sellers really need to agree to a price that will lure in high interest to their home in order to get it sold in record time. The key is to work with the right agent to formulate an enticing marketing and pricing strategy, be willing to negotiate as buyers understand thats what the market is yielding.

For buyers that are looking for a deal, now is definitely the time to purchase! However, knowing what a good deal looks like depending on neighborhood and building is another factor. Take advantage of the current market for residential and investment purposes. 

If you're planning on buying or selling, im happy to be a valuable resource to you.