THE THIRD QUARTER SHOWED A CONTINUED COOL MARKET with new developments seeing the slowest activity. Negotiation rates are averaging 14%, which are the highest year to date. Closings have started in a number of new developments where contracts were executed in later 2016 and early 2017, resulting in a strong average $/SF for sales at $2,575/SF. This is a misleading number relative to the current market. Condo and co-op resale inventory is down slightly from Q2 2018, demonstrating there is strength in the volume of sales of resales.
Throughout the quarter, we have continued to see smaller units go into contract at a higher rate than the larger units. Q3 2018 has remained a buyer’s market, and we are eager to see how these trends change or remain through the end of the year.
FOUNDER and CEO
Founder and CEO
Lic. RE Broker
Director of Research and Analytics