The Resale market is booming!
According to Jonathan Miller in Curbed NY, the resale market of condos and coops is on the upswing. With all the news of low inventory and new developments grabbing the headlines, over 70% of market listings are apartment resales. 78 % to be exact make up the resale market.
For the past few years, the biggest challenge for buyers has been low inventory in prime neighborhoods. Having so many buyers with little inventory in a sellers market has caused bidding wars. This could be ending slightly. Those days could be over with many homes being listed due to many seller’s feeling the price points may be at peak values. With the high-end luxury market returning to a more normal market with price cuts, the market has definitely slowed a bit.
From CurbedNY and Miller Samuels report on resales:
“Since the 2008 financial crisis, one of the key characteristics of the Manhattan resale apartment market has been its lack of inventory. Resale inventory peaked in April 2009 at 7,980 listings, but then went into a freefall, landing at 59 percent, or 3,271 listings, in August of 2013. Now, something interesting is happening: resale inventory for May of this year is up nearly 31 percent from the May low seen in 2013. “
With the unpredictable election year, global instability and prices at all time highs, many sellers may be choosing to cash out. As Jonathan Miller puts it, the market may no longer be described as a tight market with low inventory. It could be a good time to sell your home or find a well valued new home.
Please call or email me if you need any real estate advice, would like to sell your home, rent it or are looking to buy a new home. I can be reached at firstname.lastname@example.org or (646)515-9417
My current listing is a great value in Tudor City