The housing market is cooling in New York. It’s also leveling off and going sideways. And ebbing. In fact, the market may be simmering, swooning, and trending downward as well. But it could simply be normalizing, too. It depends on whom you ask or read. Or overhear on the sidewalk.
The Real Deal this month examined changing market conditions from a number of vantages, including the growing amount of properties sitting on the market, hiring by brokerages, and how agents are dealing with sellers still hanging on to the boom market of early 2005.
The results were often surprising. Townhouse inventory, for example, in the last year has increased faster than condo inventory, unusual given the amount of condo construction in the city. Co-op inventory is growing modestly by comparison. And the still-high price of apartments is allowing brokerages to keep expanding even as the market cools, which some view as a tactical mistake. Read on for more.
Inventory spikes, but not for all housing types
Property market cools, even if broker job market doesn’t
Brokers manage seller expectations
Any adjective works, as long as it’s not “strong”
Go to charts: Manhattan townhouse, condo, and co-op listings
Go to chart: Manhattan listings by neighborhood
Go to chart: More apartments sit unsold in Manhattan