We were in a buyer’s market, but since Spring, activity has increased again. Those waiting on the sidelines have come back into the market and the market is now in neutral territory. All cash buyers still have an advantage.
Read the full article here: New York Apartment Prices
In Q1, 2023, sales volume was down 41 percent compared to Q1, 2022. Since the second half of 2022, sale volume dropped significantly because of increases in mortgage rates.
Rental expense is about 30 percent of the inflation index. With inflation that peaked at 9 percent last year, rents commensurately increased. Further, there is added demand from buyers who became renters as a result of high mortgage rates.
We were in a buyer’s market, but since Spring, activity has increased again. Those waiting on the sidelines have come back into the market and the market is now in neutral territory.
Read the full article here: New York Apartment Prices
Q1’2022 condo sales volume was up more than 50 percent vs a year ago. This marks the highest first quarter sales in 15 years of tracking. Various metrics show that we are now back to pre-pandemic levels. The strong sales numbers was driven by the (still) low mortgage rates although rates have been rising since 2021, pent up demand and overall optimism from reopening of the economy.
Meanwhile, the rental market is also strong as rental price per sqft increased 21 percent. Vacancy rate for March 2022 was 1.89 percent, compared to 11.25 percent a year ago. This is because of people moving back into Manhattan as companies no longer allow full time work-from-home.
Read full article here: New York Apartment Prices Q1, 2022
The average sale price for a condo ranges from $908,991 for a studio apartment to $9,846,869 for 4+ bedroom apartments. Meanwhile, the average price per square foot ranges from $1,138 for a studio to $2,738 for 4+ bedroom apartments.
The average sale price for a condo ranges from $908,991 for a studio apartment to $9,846,869 for 4+ bedroom apartments. Meanwhile, the average price per square foot ranges from $1,138 for a studio to $2,738 for 4+ bedroom apartments.
The average price per square foot for a co-op is roughly 50 percent lower than that of a condo. Average sale price for a co-op ranges from $553,734 for a studio to $5,109,433 for a 4+ bedroom apartment. The average price square foot ranges from $852 to $1,596.
Read full article here: Average Manhattan, New York Apartment Prices
