New-York: 2018  poorest year for property sellers since 2009! Why New-York market local cooled down so during 2018 in Big Apple?

2018 good year for American , keyword repeating by media day. resonance becomes an that everybody repeats when there are talking about everything.

However for sellers living in New-York. 2018 is worst year for business since last recession. 2018 is definitely not warmly for property sellers in metropolitan area. Including 5 boroughs surrounding area.

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

This cooldown is somehow atypical. Because what we observe is homes prices go up for . the same time, stay up for much than 6 9 months. This absolutely unusual for real estate market in this period time.

According another providing from Yanex , . The matrix New-York real estate market homes priced. $1 or more stay on the market for about 120 days. Those priced between $8 $12 , on the market. Indeed, stay on the market even , often taking many 200 days before being .

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

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

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

Many factors are in the that makes the real estate market is cold now. But further analysis about what makes the real estate market slow down be subject of another article .

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

the same time interrogate , to do not hold indeterminately because anything happen the price drop down more. The is not so many think, the debt is too high. correction must be done to stop the inflation if not we prepare for another recession soon.