Q3 Manhattan numbers show a lift in activity among buyers and sellers alike, with huge quarter over quarter increases in number of contracts signed and listings hitting the market. While sales are up 20% since Q2, they remain down year over year. As a result, sellers have adjusted their expectations on price points resulting in a quarter over quarter and year over year dip in median listed prices and price per square foot. For those looking to buy, now is an excellent time to invest due to low price points and interest rates.
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The Q3 Brooklyn market saw upticks in supply and demand with quarter over quarter increases in inventory, sales, and contracts signed. Median listed prices and average price per square foot saw quarter over quarter and year over year increases, while year over year numbers for sales and contracts signed remained down.
The Q3 Queens market numbers reflect a citywide trend of more active buyers and sellers. Quarter over quarter sales, contracts signed, and inventory were up substantially, while year over year numbers remained down in all three categories. Median listed price was slightly down compared with Q2 and Q3 2019. Relatively low prices, historically low interest rates, and higher negotiability continue contributing to increased sales across Queens.
Figures in this report are based on publicly reported data from Automated City Register Information System (ACRIS) as well as proprietary data.
