{August 2019} Is the Market Dead?
Back to school and back to work! Today my older daughter starts first grade. I am reminded again that time is truly the best gift I can give to my loved ones and my clients.
The NYC real estate market had its August lull. This August was even quieter than usual because many deals rushed to close before the new Mansion taxes took effect in July. End of August was very busy for me, as some of my Chinese clients came to send their children off to school here in the States and wanted to look at real estate. The Median Sales Price for the first 8 months of the year was 1.22mm, higher than the 1.18mm of the first 8 months of 2018. However, the $/sqft decreased from $1398/sqft to $1359/sqft, a roughly 3% decrease. For the first 8 months of 2018 and 2019, almost exactly the same number of listings went into contract. Meanwhile, 6% more listings came onto the market. Some buyers see this market as a great buying opportunity as rates are at historical low again and there are plenty of good deals out there. Yet some buyers hesitate, with the trade war and the Brexit in the background. Our sellers who are realistic with the market levels are able to sell without a problem.
Tomorrow at 6pm we are hosting a happy hour to discuss this confusing market and answer any questions you may have. Come join us! Just hit reply and RSVP. We would love to see you!
The NYC real estate market was the tale of two cities in October. Total transaction volume ticked higher, even though rates moved higher and sentiment was tense. Most of our new clients were understandably quiet. But quite a few of our repeat clients, the real estate veterans, were busy putting deals together.