A Peek In The Corcoran Report 2Q 2018

A new season means it's time look at the previous reports of Q2. As we look into the previous quarter we can learn and predict the 3rd quarter of 2018. Second Quarter market activity cooled, Manhattan experienced fewer closed sales and signed contracts, as well as high inventory levels and steadying prices compared to a year ago. The effects of the new tax law, high real estate taxes and volatility in the financial markets all contributed to a dampening of buyers' purchase intent in Q2.

Let’s look at it by the numbers:

Market-wide closed sales decreased 14% and contracts signed decreased 9% compared to last year
Manhattan market-wide prices were unchanged from last year
Inventory increased 17% market-wide this quarter to 7,491 units

Showing that as numbers move downward many sellers will be willing to negotiate lower numbers for listings currently on the market.

Manhattan experienced fewer closed sales and signed contracts, as well as high inventory levels and steadying prices compared to a year ago. The effects of the new tax law, high real estate taxes and volatility in the financial markets all contributed to a dampening of buyers' purchase intent in Q2.

Though closings in Q2 responded to diminished buyer urgency, there were still nearly 3,200 closings, which was a 26% increase over last quarter, reflecting a typical Q2 seasonal uptick in buyer activity.

This was the tenth consecutive quarter that inventory increased year-over-year. Supply expanded for all bedroom types and most price ranges. By product type, co-op inventory rose most, up 26% year-over-year, and resale condos increased by 11%. New development inventory increased only by 4%

See the full report here

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