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

2018 a good for the economy, the keyword repeating by the media day. The resonance becomes an echo that everybody repeats when talking everything.

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

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

another data source providing from Yanex Real Estate , . The data matrix shows New-York real estate market homes priced. $1 million stay the market for 120 days. Those priced between $8 million $12 million, the market. Indeed, stay the market even longer, often as many as 200 days before being bought.

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

Nevertheless, this big hit of this slowdown market affects Manhattan than everywhere in New-York. The in the 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.” to CNBC Financial . Resales of existing apartments declined dramatically during that unprecedented period as 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 the real estate market is cold now. further what the New York real estate market slow down be subject of another article next .

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

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