A new season means it's time look at the previous reports of Q1. As we look into the previous quarter we can learn and predict the 2nd quarter of 2018. sales activity was somewhat quiet in January and February but heated up in March as buyers perceived value in the market, according to Corcoran’s Q1 Manhattan market report.
Let’s look at it by the numbers:
- Manhattan market-wide prices declined in 1st Qtr. 2018 vs. 1st Qtr. 2017:
- Median sale price decreased 2% to $1.1 million
- Average sale price decreased 10% to $1.9 million
Showing that as numbers move downward many sellers will be willing to negotiate lower numbers for listings currently on the market.
While inventory in previous years have been very low in the past quarter it has risen 10% market-wide this quarter to 6,418 units, across all property sizes (studios – 4+ bedrooms). Co-ops increased the most, up 14%, and resale condos increased by 9. New development inventory decreased 3% compared to last year as fewer properties came to market in the 1st Qtr. 2018.
While comparing Downtown to Uptown, the Downtown market maintained its position as buyers’ favored neighborhood with 32% more closed sales than the Upper East Side, which had the 2nd highest number of 1st Qtr. 2018 sales (750 vs. 570).
Some of the reasons why buyers have been hesitant to buy are, volatility in the financial markets, continued uncertainty regarding tax reform voted into law. and the classic waiting for prices to decrease.
See the full report here
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