2016 Q2 NYC Real Estate Market Report
Not a crash, but definitely a decline.
Due to the uncertainty of the global economy, Brexit, the presidential election, and sellers’ inflated expectations, the market is experiencing a slowdown in growth.
- At $2,077,680, the average price was 16% higher than a year ago**
- Median price of $1,110,000 was down slightly from the first quarter, but still a 13% improvement from a year ago**
- 22% decline in number of resales from 2015’s second quarter
- Average resale price fell 4% from a year ago to $1,527,641
- Smaller apartments continue to be the strength of the market
- Resale prices are no longer showing growth
**These prices are lifted by new developments closings that went under contract 1-2 years ago and not an indicator of current activity
Here is the opportunity:
Sellers, price right and sell
Buyers, Sellers are starting to adjust their expectations
The full version of this report can be found here.
Seize this opportunity!! We are here to assist you with all of your real estate needs.