If we are to evaluate the stabilization of market, we notice a massive shift in the recent trends according to the fourth quarter 2019 sales report for Brooklyn, Queens, and Riverdale by Douglas Elliman. However, it has also been perceived that the number of sales in Brooklyn have increased, along with the median sales price, after almost two years of it decreasing.
The reason for the median sales price reaching a 7.4 percent increase in Queens is the lack of affordability in Manhattan as people start to move in search for it. Around one in six sales were sold above the average asking price. In Brooklyn, the median sales price reached the 1.9 percent increase, to $800,000 as well as one in five sales above the asking price.
The listing inventory for all in Brooklyn, which had ascended for as far back as six quarters, slipped 1.7 percent year over year to 2,943, making the primary decrease in stock in seven quarters.
The place we are at right now is one of vulnerability. At this place, the economy is solid, yet a debilitated NYC real estate market struggles with the changes in policy such as increase in taxes, rental changes that don’t favor investors, along with the potential pied-à-terre charge.
Increase in price of rents and a large number of New Yorkers who were priced out of Brooklyn, are the reason for the increasing demand in the Queens. In Riverdale, the median sales price increased for the sixth time in seven quarters, and the number of sales seeing a decrease to 1.8 percent. Potential buyers in New York were more inclined towards the rental market in the previous year, but with the increase in rents and lower mortgage rates, they have also stepped into the sales market again.
In order to completely understand the changes regarding NYC’s real estate Q4 2019, we must take into account the views of other market reports, which have discussed the same market shifts and evaluated results of their own.
Corcoran’s View
Values did not climb so fast. This is what’s indicated by information from Corcoran for the last quarter. Additionally, the report takes note of a move towards smaller condos since purchasers decided to hold the line on cost.
CORE’s View
The recommendation we notice from CORE’s Brooklyn Market report is that there’s still a lot of debate on the cost in the district. The market-wide normal rebate from the underlying asking cost was eight percent, which considers an average markdown of six percent in Northwest Brooklyn and 9 percent in South Brooklyn.
Compass’ View
As per the information gathered from Compass’ Q4 report, it can be noted that the properties in Brooklyn took a normal of 137 days on the market, which is a shorter span of time not just year on year but also contrasted with the last quarter, in spite of the fact that it conceals two limits with bunches of properties selling rapidly and many waiting.
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