2018 CONTINUED TO BE A BUYER’S MARKET through the end of the year. Throughout the fourth quarter, we continued to see heightened negotiation rates and incentives in the new development market. Contract activity declined 11% annually, representing a continued hesitation in buyer activity. This weaker condominium transaction activity resulted in a surplus of inventory and lower average sales prices. The buildings this year that have succeeded are in prime locations, have protected water or park views, and were built with beautifully crafted design from both an exterior architecture stance as well as interior. Coveted co-ops in prime locations in the Upper East and Upper West Sides also outperformed the general market this year.
The market has yet to reset from the downfall we have seen throughout the last year. With thousands of units anticipated to launch throughout the city in 2019, we expect to see a slight decline in asking prices and therefore more buyer activity.
FOUNDER and CEO
Founder and CEO
Lic. RE Broker
Director of Research and Analytics