With the spring market just around the corner, speculations on the cooling market might mean you can pick up a deal right now. The last few years of bidding wars and competing with other buyers have seemed to cooled off this fall and winter, especially in the higher end of the market. Attractive entry level homes still had plenty of buzz.
With the resale market in Manhattan seeing the steepest price drop in q4 of 2016, the largest in 4 years. This decline left the median sale price at $900,000. To see a full report, click our market reports section.
Is this something that should worry you? I think not. Overall the average price rose to a record $2,098,459 which includes new development. Some of this data is lagging as these listings went into contract a few years back during pre construction and are just closing now.
In my opinion, sellers who were chasing the market are getting a reality check. The market is still strong but overpriced listings are getting pulled off the market, being deeply discounted, or going stale on the market. Many buyers who decided to sit on the sidelines in the last 2 years are now feeling the pressure to secure a home with the anxiety of rising interest rates looming in the back round.
There will always be sections to the market. Real estate is compartmentalized into many different sub markets with their own influences. Starter apartments, value flex coops, and anything priced below 700K will have a different audience then the $2million plus market. Bridging the market between ambitious sellers and market savvy buyers will make all the difference in the first half of 2017.