As we welcome Spring’s arrival, the pace picked up for the NYC real estate market. The office feels much busier. The incentives offered by landlords all of sudden disappeared a couple of weeks ago. As we enter another spring season, let’s take a look at what happened over the last 12 months. For Manhattan condos, both the median sales price and average dollar per square foot increased roughly 6% from a year ago to 1.22mm and $1,848/sqft. Also interesting are these metrics compared to a year ago:
This set of numbers tell us that vs a year ago, it takes longer to sell an apartment, more sellers are asking realistic prices and more buyers are able to secure a mortgage contingency. These first 3 metrics confirm that the market today is more of a buyer’s market than what it was a year ago. However, the last metric (Absorption Rate) still shows a market with tight inventory – it took 6.6 months to sell all the available listings a year ago. Now it takes 6 months, meaning the market has less inventory than a year ago. In summary, the market is healthy and moving nicely.
I am a strong advocate for new construction (rightfully priced ones). But what questions should a buyer ask when buying into a new construction? You can find the answer in “For Buyers of Brand New Condos, 18 Crucial Questions”.