New York City’s real estate and housing industry has its time of peaks and bottoms, just like any cycle. Market prices, along with supply and demand, will determine when and how frequently the cycle has an upward or downward swing. As one can predict, there is no perfect timing, but for those looking to buy real estate, there are better reasons to buy and better seasons to sell New York City real estate.
In general, the period between early spring and the beginning of fall sees increased inventory and crowds. With warmer weather, more extended daylight hours, and families with children wanting to move in before the start of the next school year, these months are filled with a plethora of listings and open houses.
August is the only exception. Because of the extreme heat of the summer, New Yorkers often leave the city to vacation elsewhere. Buyers also tend to pay slightly more this season due to the increased volume.
The low season, also known as blackout time, typically falls during times of extreme weather and near holidays because of the decrease in traffic volume and available inventory. There is, however, a positive change during these slower months. Due to decreased traffic, potential buyers don’t have to “fight” with others. They can also put in a lower offer and potentially receive a higher acceptance rate.
New York on the Rise
According to a recent article published on NewYork.com, it’s becoming increasingly harder to critique the seasonal changes from quarter to quarter. A New York broker put it best when she said, “The strong market completely overshadows the importance of the season. Ultimately, there are more buyers out there than there are things to buy.” The high demand the New York market experiences takes precedence over the season.
The continued strength and expansion are changing the real estate game. The sales report for 2014 states that this spring market was very active, resulting in over 6 percent more sales than last year. Additionally, homes stayed on the market fewer days than last year, and prices for homes including condos and co-ops rose to match the increasing demand. With the improving economy, low mortgage rates, and high international demand, the prediction is the market will continue to thrive in the coming quarters.
Always on the Go
With the famed fast-paced lifestyle of New York City, it’s no surprise that the housing market is finally picking up the pace to match. According to May 2014 statistics, the median age of inventory in New York City is 61 days, while the country’s average is at 78. New York City’s total current listings are also up 11.2 percent from last month. With a quick turnaround time and increasing listings, there is little room for pause.
While each year can have ups and downs, New York’s real estate industry as a whole is expanding with strength. With an increasingly better economy, more job opportunities, and reasonable rates, New York City will continue to be one of the world’s most sought-after places to live.