May 19, 2020

As the first few regions of New York enter Phase 1 of the State’s re-opening plan, I wanted to share some data on where the NYC real estate market is now, and what we may see in the second half of 2020. 

Current Market Conditions

Since the “NY on PAUSE” order began on March 22, agents have been extremely limited in their ability to list, market, and show properties. While some transactions have taken place, most have been closings of deals that had been negotiated before March 22nd. From mid-March through the end of April, very few new sales listings entered the market, and many active listings were temporarily de-listed. Agents are not permitted to show listings in-person, and even when this restriction is lifted (possibly in mid- to late-June), we may see many buildings continue to restric...

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The Isil Yildiz Team Market Reports

January 25, 2020

While prices and sales volume declined again in the final quarter of 2019, Q4 actually saw the lowest rate of decline since the fall of 2017. An uptick in activity in the last month of the year -- and another drop in interest rates at the start of the year -- hopefully leads to further stabilization in the first half of 2020. Our analysis is below, along with links to Compass’s Q4 Market reports for even more data and details.

MANHATTAN

A “wait and...

August 2, 2019

UP, DOWN, EVEN: Market Metrics

The first half of 2019 seems to support a stabilizing market in 2019, with both prices and closings up compared to this time last year.  However, these promising signs for overall market health might be due in part to a dramatic increase in new development sales in the second quarter.  Most of these sales entered contract well before the start of 2019, and so are not truly indicative of the current market.  Contracts...

April 26, 2019

UP, DOWN, EVEN: Market Metrics

While the data suggests that the Manhattan market continues to lag, the reality is much of the market (namely co-ops) seems to be bouncing back from last year’s slump with positive results in the first quarter.  The surplus in new development inventory continues to depress condo prices in both new development and resale, which is bringing down the overall market outlook. Marketwide, average and median prices showed a...

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September 28, 2018

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Compass Market Reports

Manhattan Q2 Market Report