In an effort to make sense of current New York City real estate market conditions, I chose to take a deeper dive into data from the last 60 days.
I we examine a representation of all of the properties that have come on the market since 9/1/2017, 34% of those new listings were in the sub $1M market and a whopping 74% of those listings came to market priced below $3M.
Of those same properties that have come to market since 9/1 which have been sold or gone to contract, it is interesting and very telling that 88% of the contract signed or sold properties were in the sub $3M market and a staggering 99% of all sold and contract signed listings brought on the market since 9/1/2017 were priced below $8M.
Lastly and perhaps most importantly, 1,794 (20%) of the 8,626 Active properties on the market, have had a price reduction since 9/1/2017.
The take away here is that the under $3M market is most active, there is little to no new inventoryin the past 60 days in the over $8M market, and one could conclude that properties that are adjusting prices are more likely to procure buyers. That said, buyers remain patient and continue to look for deals and value. Many sellers are caving to continued pressure of aggressive negotiations while a few remain unconvinced that the market has indeed softened and that proper pricing has never been more important.
The accurate presentation of data is vital in helping buyers and sellers understand exactly how the current market is behaving. 3 times in the past 2 weeks, we have presented sellers with robust and meaningful reports that resulted in price changes that brought about offers. In one case, the change resulted in 3 offers and an all cash accepted offer at the original asking price.