New-York: 2018  the poorest for real estate property since 2009! Why the New-York real estate market local cooled down so during 2018 the Big Apple?

2018 a good for the American economy, the repeating the media day. The resonance becomes an that everybody repeats when are talking about .

for real estate people living New-York. 2018 the worst for the business since the last recession. 2018 not warmly for property the metropolitan area. Including the 5 boroughs and surrounding area.

Indeed CNBC reported in October that the New-York real estate market had cooled down so drastic. That the data are comparable to the levels seen since 2009 after the last recession. Frankly, situation is unprecedented.

cooldown is somehow atypical. Because we observe is homes prices continue to go up for sale. At the same time, stay up for sale than 6 to 9 . absolutely unusual for real estate market in period of time.

According to another data source from Yanex Real Estate , LLC. The data matrix shows New-York real estate market homes priced. At $1 or stay on the market for about 120 days. Those priced between $8 and $12 , on the market. Indeed, stay on the market even , often many 200 days before being .

Sells are to close nowadays resultant a tough situation. That force, sellers to cut down the price to find . Otherwise the properties with sitting on the market, for an undetermined time.

Nevertheless, this big hit of this slowdown market affects Manhattan than everywhere in New-York. The in the west midtown Manhattan. Real estate in this area are down double-digits. The cycle is continuing to decline further down for four consecutive quarters.

Outside of Manhattan inside the other 4 boroughs real estate “fell 11 from the third quarter of 2017 to the third quarter of 2018.” According to CNBC news. Resales of existing declined dramatically during that unprecedented period . The last time we saw something like similar. That was actually in 2011, during the recession crisis recovery process.

Many are in the basket that the real estate market is cold now. further analysis about the New York real estate market slow down will be subject of another article next week.

For the time being, if are for a home it a good time for to buy. If are a seller I do not know to tell . Depend on your situation should pay a close to market reaction, do not impromptu alarming .

At the same time interrogate your numbers, to do not indeterminately because anything happen the price drop down . The economy is not so strong many people think, the is too high. Some correction be done to stop the inflation if not we prepare for another recession soon.