Again, here is the link to our 3rd quarter report: http://media.bhsusa.com/pdf/BHS3Q14_Market_Report.pdf
For a seller, this information is pretty interesting:
- The average price is up 18% year over year, at the 2nd highest ever
- That said, median price
is $898,000, which hasn’t really budged in 12 months
- Three-bedrooms and larger have appreciated everywhere, though especially Uptown, where 3-bedrooms are up 38% year over year
- The average time on the market, to contract, has been reduced by over 10%, to 70 days
- Units are selling at 99.1% of the last asking price
- Condo resales, at all sizes, are at record highs
My thoughts- this data should certainly excite you as a seller, if you are selling a large apartment.
If you have a 1- or 2-bedroom, it’s certainly important to really trust pricing.
Buyers of these units are pushing budgets to their limits to purchase right now.
If you’re a buyer, and you’re seeing no inventory, this may interest you:
- New Development has been broken out from resales in this data, to give a more accurate sense of what resales are selling for
- The number of transactions is down about 15% from this time in 2013
- Our chief economist wrote, “The middle isn’t moving.”
What he meant is that price appreciation continues at the high end for the most part.
It’s not that appreciation isn’t happening in the $800-1.5mm range, but that it’s happening a bit more slowly for 1- and 2-bedroom apartments.
My analysis is that in a New York way, incomes here, while much higher than in other cities, are being distributed in the same way as elsewhere.
The top 0.1% is experiencing much stronger income growth, while the other 0.9% of the 1% is seeing more gradual improvement.
Meanwhile the cost of living has increased in New York City – RE Taxes, cost of operating buildings, cost of private schooling, and other costs of living.
All of this becomes a larger percentage of income in this middle we referred to above.
And a challenge for those buying in the $800-2mm range in terms of budgeting for a RE purchase.
Some more food for thought.
Have a great day! -Scott