The numbers of the September Real Time Report (click here to download the PDF) are indicative of what I’ve been predicting for the last year. Less apartments are available for sale, prices are continuing to rise, and the overall volume of deals is increasing. Our “for sale” market is shrinking, and it’s becoming more and more difficult to find a home in Manhattan. The limited pipeline of new development inventory may also only satisfy a small part of the really high-end market, because most developers seem to be jumping on that wagon.
I expect that when we finally see the deals that were put into contract over the past few months close, we’ll see that there was less negotiation from the asking price. In fact, we are now starting to see deals accepted at above asking prices.
While there is still no completely accurate data or report that provides contract signed prices for a specific time period of 30 days, I estimate that we are at least ten percent higher (in pricing) than where we were a year ago.
This should be the strongest October in the past 5 years.
Shaun Osher is the Founder and CEO of CORE.