The highly anticipated release of the 4Q market report is here. As you can recall the 2nd and 3rd quarter reports had artificial results due to the 2nd quarter rush of trying to beat the new tax increases and the 3rd quarter having the hangover. As we've gotten back to some normalcy we get to have a comparison of the 2019 4th quarter to the 4Q in 2018. Below are the highlights that popped out to me. All in all, I can say that I feel (along with other experts) that we hit rock-bottom and should start trending up with buyers taking advantage of having their pick of high inventory coupled with low prices and strong negotiations. This is, of course, bearing that there are no bad surprises and tax changes.
Things To Keep In Mind
The national economy has been expanding the longest in history, unemployment levels are lowest in over 50yrs, stock prices are at a record, and global economies are trending positively with Germany (the economic leader in the EU) avoiding a recession, the trade war with China finally having positive news, and Brexit finally having clarity. Interest rates are also amongst the lowest in the US and the economy in NYC has also been strong. As you know there's a lot of concern regarding the uncertainty with Iran.
4Q Market Highlights
Number of sales under $5M were up 1.6% from last year
Number of sales over $5M were down 37.6% from last year
Resale average price down 6%
Resale median price down 3%
Resale Days on Market up 11%
Resale average price sold about 4% less than asking
The report is very informative giving you a direct comparison of neighborhoods, bedroom count and coop vs condo for the number of sales and median prices. For example, Downtown (below 14 ST) had a 7% increase in the number of 2br sales. The median price for 3br apartments was down 16% on the East Side (59th-96th)