If you don't already know we are certainly in a buyer's market. The 3Q Market Report speaks loud and clear that it is a great time to buy.
Number of sales: Down 16% from 3Q 2018
Coop Average Price: Down 10%
Condo Resale Average Price: Down 21% (lowest in 7yrs)
New Dev Average Price: Down 9%
Number of sales over $4M: Down 48%
If you're wondering what your buying power is or want to hear about some of the great deals I'm negotiating feel free to reach out! Rates are very low which is the icing on the cake when already buying in a down market. Below are a few additional good reads pertaining to the market. I've provided links and snippets for each.
"This is the worst real estate market we've seen since 2008," said Shaun Osher, founder, and broker at Core Real Estate. "The worst for sellers. We are fully in a buyer's market. Now is one of the most opportune times to buy that I've seen in 30 years in real estate. Despite the fact that home prices are falling, buyers are still sitting on the sidelines, Osher said."We're not seeing buyers act," he said. "Not nearly as many as we should see relative to the strong economy, low unemployment, low-interest rates."While he said that's mostly due to a lack of confidence, he also feels that buyers could be hesitating because sellers are being slow to reduce their prices."In 2008, it was indisputable that the global financial crisis affected real estate values," said Osher. "Prices dropped quickly. But for sellers today there is no fundamental factor that points to a weakened market. Understandably, they are reluctant."But it may be that people just don't know that it is time to get off the fence and they aren't recognizing the opportunity, said Richard Hottinger, an agent at Corcoran."Interest rates are at historic lows. It is phenomenal."
Manhattan cases up a staggering 118% year-over-year
Staten Island unique cases skyrocket 183%
The Bronx sees the steepest drop in foreclosure activity, a 51% drop Y-o-Y
In Queens, foreclosure cases dipped 10%
Lis pendens increased 4% Y-o-Y and dropped 22% Q-o-Q
Open House Data - A 2yr Comparison
One of my managers at Halstead has been collecting data for every open house. Below is a take away of a 2yr comparison. Fellow brokers, you can contribute and receive this data by clicking here
Attendance for 2BR units on the UWS this year is accelerating, and slowing down for the UES – as compared to the 2-years averages.
Sunday attendance in 2019 is 20% stronger than Saturdays.
Attendance at open houses for $5M+ properties slowed down 8.8% in 2019, vs. the 2-year average.
Attendance at open houses for $7M+ properties slowed down 42% in 2019, vs. the 2-year average.
Attendance at First Open Houses is 10% stronger in 2019, than during the 2-years average.
Manhattan attendance in 2019 remained basically the same in 2019 vs. the 2-year average.
Brooklyn attendance in 2019 dropped 2.7% vs. the 2-year average.
Queens attendance in 2019 dropped 8.1% vs. 2-year average