NYC Real Estate Market Data: Discerning Real from Fluff

The Daily News headline on Friday read “Apartment sales hit three-year low in January as NYC felt winter freeze.”  A very misleading headline given that the referenced report issued by StreetEasy is a CONDO report that does not include the 400+ co-ops and townhouses that also went into contract in the month of January. In fact, 634 listings went into contract in January 2014 versus 718 in the same period 2015 representing a 22% increase YoY (via UrbanDigs see UD-report 2008 to present).

UD-report (3)

As evidenced in the UD-report, there is no”chill” in the market other than the single digit temperatures from which we all could desperately use some relief. Contrary to The Daily News report, the market continues to be starved for inventory and flush with buyers, making it often a frustrating landscape to navigate.

In the spirit of our robust real estate market, stay tuned for some anecdotes from our CORE agents representing just some of the multiple bid situations in which they have been involved on both the buy and sell sides.

 

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