Brief Real Estate Report of New York City – September 2015

The NYC real estate market continued its cooling trend in September, like many other housing markets around the nation.  Median sales price decreased to 1.2 million, down from a peak of 1.4mm reached in July 2015.  Seasonality aside, the prices are flat year-on-year.  However two other measures are measurably weaker than a year ago.  Median Days on Market increased to 72 days, one of the slowest months this year and much slower than last year’s 57 days.  The second measure that is weaker is the “percent sold at or above asking”.  September saw only 38% of listings sold at or above asking, which my sales manager described as “haven’t seen that in a long time”.  The range we are used to is 40s and 50s.  But this isn’t an over-heated market by any means.  I just came back from visiting a few open houses today with my buyer today.  They were two bedroom condos for around 1 million in Brooklyn.  I expect full-on bidding wars this week.  Again to quote my manager: we are used to running 100 miles an hour these past few years but this 40 mile an hour pace is more what it should be.

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