{October 2019} Market Tries To Get Unstuck
October was the busiest month for me this year. Quite a few buyers who I had been working with for more than a year finally pulled the trigger in October. And new buyers wanted to start looking. For my sellers however, this month felt more or less the same: slow but steady number of inquiries, conservative offers and buyers who were in no rush to chase deals. The market metrics told the same story. Versus 2018, 2019 Median Sales Price was slightly higher, but $/sqft was slightly lower; number of listings closed was slightly lower, but number of listings in contract was slightly higher; Days on Market stayed exactly the same. Overall, this market felt it was trying to consolidate and find a direction (higher).
Good Read:
Have you been to a Soho House? It is famed and exclusive. It doesn’t turn a profit but continues to expand and is valued at 2B! Sounds familiar?
It’s so clear to me: if you have the down payment and plan to be in the city for a few years, it makes a lot of sense to buy. That said, while there’s been a slight uptick in activity, NYC still very much remains a buyer’s market.