Are you thinking about purchasing a home in NYC? The time to strike is now! February 2019 had more inventory in all three boroughs compared to February 2018. Search homes on theagencyre.com if you are considering a purchase.
The median listed price in Manhattan is down 8%, which indicates that sellers are pricing based on current market trends. Inventory is also up 10% compared to this time last year, yet a 19% drop in contracts signed indicates that buyers may be sitting on the fence. Time to purchase that Manhattan dream home!
Sellers seem to be optimistic about buyer activity in Brooklyn. The median list price has increased by 9% year-over-year and the average price per square foot is up 18%. However, the number of listings with price drops is also up 110%, indicating that older inventory may have been priced too aggressively. Will the current seller optimism in Brooklyn result in an increase in contracts signed, which are currently down 9%? Only time will tell!
With a 44% increase in contracts signed in February 2019 compared to February 2018, the Amazon effect was alive and well! The question is: Are these numbers sustainable now that Amazon is no longer coming to Long Island City? Inventory is also up 34%, indicating that there are more choices for those looking to make the move to Queens.
Data courtesy of OLR Market Pulse and current as of 3/12/2019.
