After switching to Real Estate from Finance in September 2014, I spent the last two intense years learning and growing. In two short years, I completed enough deals to receive my Broker’s license and recently started my own team at Douglas Elliman! Thank you all for reading and supporting me on this journey.
Now back to the market. This month is the first month I feel I can say without ambiguity that the NYC real estate market has come down. The softening starts about a year and half ago, with the super luxury segment weakening first. Then for a while, we see strong support for the entry-level market (<3mm), which appears to not be affected by the slowing market. The messenger bottle has finally come ashore for the buyers and sellers in the below 3mm range. Even though this month’s reported Median Sales Price (1.35mm) for Manhattan is still one of the highest numbers this year, my own experience and those of my fellow-agents show that the prices are down for majority of the Manhattan market. I would say to the tune of a decrease of 3-4% from last year. There are definitely still bidding wars. I am personally involved in two, one in Manhattan with more than a handful of offers and one in Brooklyn with close to 10 offers going into the Highest and Best. Both are one-bedroom condos under 1mm. Most of the listings in this bucket still go under contract through a bidding war after 2 weeks on the market. I am actually busier than earlier in the year, but transactions take longer now.