According to Olshan Realty, pending sales in New York City are at the lowest levels since 2012. Sellers, on average, are having to wait two years for a buyer, list prices are off 14% and, according to StreetEasy, at least 20% of listing prices were cut in Q4 2018.
Sellers with dreams of making big profits are now past tense. Grant Long, senior economist with StreetEasy, said, “What we’re seeing right now is a lot of folks being forced to adjust their expectations. We expect that prices are going to have to come down even more for it to make sense for a lot of buyers who are in the market.”
Neighborhoods with the biggest share of price cuts include:
- East Village – -33%
- Brooklyn’s Williamsburg -21%; Greenpoint -22%; and Fort Greene with a whooping -39%
- Long Island City’s price cuts are only -12% due to Amazon’s plan to build a new hub for 25,000 workers.
More specifically, check out the Q4 2018 happenings in real estate in Manhattan, Queens and Brooklyn below:
Area Median Asking % Change Median Sales % Change
Manhattan
All Downtown $2,100,000 -11.58% $1,300,000 -.23%
All Midtown $1,250,000 -12.28% $999,000 1.42$
Upper East $1,749,000 -16.52% $1,187,000 27.35%
Upper West $1,775,000 -6.33% $977,500 -36.13%
Battery Park $1,400,000 5.11% no data -36.63%
Queens
Astoria $939,000 -13.22% $999,000 69.32%
Auburndale $988,888 -.51% $870,000 10.78%
Bayside $822,000 17.80% $637,500 50.18%**
Bellerose $699,000 10.97% $600,000 5.45%
Briarwood $685,000 2.31% $607,367 7.65%
Brookville $599,000 -7.70% no data -20.37%
Cambria Hgts $499,500 2.99% no data -3.91%
Brooklyn
Bedford Sty $1,196,500 -7.81% $905,256 11.40%
Bath Beach $845,000 -6.01% $501,630 -47.17%**
Bensonhurst $1,290,000 6.17% $855,000 -22.27%
Brooklyn Hgts $1,787,000 11.76% $775,000 -39.22%**
Bushwick $1,195,000 11.16% $1,050,000 14.60%
Brownsville $819,000 25.23% no data -33.60%
Brookville $599,000 -7.70% no data -20.33%
Carroll Grdns $2,750,000 12.36% no data -3.86%
Please go to interactive map for more specifics.
