The real estate market in New York City has not slowed down at all, this year.
Reports issued this week by four of New York City’s top residential property brokerages show that apartments closing in Manhattan during this year’s third quarter sold for an average of $1.37 million an increase of 6.3 percent from the same stretch a year ago.
During that same time period, the number of apartment homes up for sale declined by almost a third to 5,204.
Brokers report that prices have held up far better in Manhattan than other parts of the nation because of the high number of co-ops, which account for 70 percent of the local housing stock. Also, co-ops typically have rules in place that prevent buyers from using the riskiest of mortgage products.
All was not rosy, though, as the number of foreclosure auctions soared 64 percent — particularly hurting several parts of Brooklyn and Queens, most notably Bedford-Stuyvesant and Howard Beach.
Source: New York City Bucks Slowdown Trend – By Christine Haughney, The New York Times, by way of Realtor.org
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Updated: 1st Q 2018
