However for real estate sellers people living in New-York. 2018 is the worst year for the business since the last recession. 2018 is definitely not warmly for property sellers in the New York 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 economic recession. Frankly, this situation is unprecedented.
This cooldown is somehow atypical. Because what we observe is homes prices continue to go up for sale. At the same time, their stay up for sale much longer than 6 to 9 months. This absolutely unusual for New York real estate market in this period of time.
According to another data source providing from Yanex Real Estate Investing, LLC. The data matrix shows New-York real estate market homes priced. At $1 million or more stay on the market for about 120 days. Those priced between $8 million and $12 million, on the market. Indeed, stay on the market even longer, often taking as many as 200 days before being bought.
Sells are hard to close nowadays resultant a tough situation. That force, sellers to cut down the price to find potential offers. Otherwise the properties with sitting on the market, for an undetermined time.
Nevertheless, this big hit of this slowdown market affects Manhattan more than everywhere in New-York. The developers in the west side midtown Manhattan. Real estate sales 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 sales “fell by 11 percent from the third quarter of 2017 to the third quarter of 2018.” According to CNBC Financial news. Resales of existing apartments declined dramatically during that unprecedented period as well. The last time we saw something like similar. That was actually in 2011, during the recession crisis recovery process.
Many factors are in the basket that makes the New York real estate market is cold now. But further analysis about what makes the New York real estate market slow down will be subject of another article next week.
For the time being, if you are looking for a personal home it a good time for you to buy. If you are a seller I do not know what to tell you. Depend on your situation you should pay a close attention to market reaction, do not sell impromptu by alarming yourself.
At the same time interrogate your numbers, to do not hold indeterminately because anything can happen the price can drop down more. The economy is not so strong as many people may think, the debt is too high. Some correction must be done to stop the inflation if not we can prepare for another recession soon.