In the sales market, we continue to experience a buyer’s market.
The chart below demonstrates the very favorable conditions for condominium buyers. Looking at different neighborhoods and price points, one can see the year over year increase in supply and the low percentage of contracts signed relative to the amount of inventory on the market.
With an increase in inventory over the past year, and with apartments remaining on the market longer, there is maximum negotiating power for a buyer. This is especially true if a property has been on the market over 90 days without a significant price drop.
The Manhattan rental market is strong. Therefore, coupled with a soft purchase market, it is a great time to invest in Manhattan real estate.
