The New York City real estate market in January 2020 showed a continuation of trends from the end of 2019 as well as some changes. Overall, sellers and buyers are seeing eye-to-eye as the number of contracts grew year-over-year in Manhattan and Brooklyn. In Queens, however, potential buyers were a little more reticent.
This is our monthly market update comparing January 2020 to January 2019 markets. Considering a purchase or sale in NYC? Visit Triplemint.com to find homes and connect with an expert Triplemint real estate agent.
The increase in activity that began at the end of 2019 brought great momentum to the Manhattan market in January 2020. Reported sales were up 57%, and the number of signed contracts grew 27%. This is a significant growth year-over-year. Yet value in the marketplace continued as price per square foot and median list price decreased (4% and 1% respectively).
Brooklyn entered the new year continuing its story of ever-increasing buyer demand. Despite a 13% increase in average list price and a 6% increase in average price per square foot, demand grew stronger: we saw a 16% increase in the number of contracts signed in January 2020 compared to January 2019.
The end of 2019 saw Queens finishing strong with huge increases in the number of contracts signed year-over-year. In January 2020, however, there was a reported 25% decrease in the number of contracts signed compared to January 2019. As average price per square foot increased 17% and average listed price increased 13%, perhaps buyers were more hesitant than previously to get into the market.
Data courtesy of OLR Market Pulse and current as of 2/5/2020.