NYC real estate agents have seen an uptick in buyer activity since the beginning of the year, with more clients actively looking and submitting offers on homes than they had in previous months. Comparing January 2019 with January 2018 shows how the current market is favorable to those ready to purchase in New York City. Search homes on triplemint.com if you are considering a purchase.
Manhattan prices are down 9% and number of price drops are up 50% compared with this time last year. There has also been a 2% year-over-year increase in the number of Manhattan contracts signed, indicating more buyers are taking advantage of the current market.
In Brooklyn, median list prices are up 11% year over year and there are 10% more listings on the market. There were also 110% more listings with price drops last month and the average price per square foot increased 21% compared with the same time last year. Although there were 37% more contracts signed, the large increase in the number of listings with price drops indicates a strong opportunity to buy a Brooklyn home.
Demand for Queens is strong. The average price per square foot increased by 6%, 173% more contracts were signed in January 2019 than January 2018, and there was a 35% increase in number of sales this year over last January. While demand has increased, inventory has also grown year over year.
Data courtesy of OLR Market Pulse and current as of 2/6/2019.