Jun 03 2019
2019 First Quarter Restores Equilibrium In New York City Real Estate Market
Property Markets / Outlook
New York City’s real estate market woke up during the first quarter of 2019. After an extremely slow fourth quarter at the end of last year, and after years of both price and transaction volume decline, we felt the stirrings of a waking market in the past two months. While January started off slow, February and March have finally brought equilibrium back into the market: sellers have begun to accept the realities of the new marketplace. As these sellers have lowered prices 10%, or 12%, or in some cases even 15%, from the optimistic numbers to which they originally aspired, buyers have stepped up who see the value in making a purchase now. We have seen some competitive bidding and some sales over (reduced) asking prices. Some things have not changed; buyers still don’t make offers, or even schedule viewings, for overpriced apartments. Value sells.
United States of America