New-York: 2  is the poorest year for real estate property since 2009! Why the New-York real estate market local cooled so during 2 in the Big Apple?

2 is good year for the American economy, is the keyword repeating by the media every day. The resonance becomes an echo that everybody repeats when there are talking everything.

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

Indeed CNBC reported in October that the New-York real estate market had cooled so drastic. That the 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 , their stay up for sale much longer than 6 to 9 . This absolutely unusual for New York real estate market in this period of time.

According to source providing from Yanex Real Estate Investing, LLC. The matrix shows New-York real estate market homes priced. At $1 million or more stay the market for 120 days. Those priced between $8 million and $12 million, the market. Indeed, stay the market even longer, often taking as many as 200 days before being bought.

Sells are hard to close nowadays resultant tough situation. That force, to cut the price to find potential offers. the properties with sitting 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 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 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 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 what makes the New York real estate market slow down will be subject of article week.

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

At the interrogate numbers, to do not hold indeterminately because anything happen the price drop down more. The economy is not so strong as many people may think, the debt is too . correction must be done to stop the inflation if not we prepare for recession soon.