With the election around the corner, the market is seeing a bit of a cautionary pause.
Although we would love to have the results of the 2016 Presidential election in our back pocket, we can stick to our expertise and share with you the results of 2016's Third Quarter NYC Real Estate results:
The average resale price was basically unchanged from the previous quarter, but 5% higher than a year ago.
Smaller apartments continue to be the strength of the resale market.
Low supply helped drive the median price to a record $960,000.
Limited supply combined with over pricing lead to 14% fewer closings than in 2015’s third quarter.
While there has been a slight downward adjustment, high-end properties still need further price adjustments.