Is It A Busy Spring in NYC Real Estate?

 

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:

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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”.

Small-Stylish-Apartment


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