2019-02-02 — thejewishvoice.com
[Elliman], which tracks residential market trends, said annual sales of condominiums and co-ops had the largest year-over-year decline since the financial crisis.
"Inventory was up 11.8% from the same time last year, however all the gains occurred in the resale market. By contrast, new developments fell 10.6%, with developers pulling apartments out of active inventory."
The report also "paints a picture of a market slowdown across the board in Manhattan in 2018," notes The Real Deal. "Though big sales at ultraluxury buildings like 520 Park Avenue, 432 Park and 220 Central Park South have dominated the headlines, Elliman's new report found that price trend indicators all declined year-over-year in 2018, as the legacy contracts inked when the market was booming finally closed."
arburg's report also shows a greater difference between asking prices and selling prices in the New York City real estate market. "Offers 20% and 25% below asking prices began to flow in, a phenomenon last seen in 2009,"
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