(NEW YORK, NY) — Manhattan’s housing market saw a slowdown in 2018, especially at the high end. For most of the year, many sellers had to deal with price cuts, negotiations, and overflowing inventory.
Most of 2019 will carry the same fate. However, according to experts in the industry, there is nothing to worry about. A healthy local economy has many looking at the downward market as a reset.
In a piece by the New York Times, the market was not referred to as slow, but as not unusually high. Looking back at the unusually high prices in 2015—remembered for the closing of One57’s $100.5 million penthouse—the years after have seen market prices normalize.
According to CityRealty, the average price for a condominium in Manhattan has risen 58 percent since 2008. And, while 2018 may have been slower than the past, it still saw big sales. According to Daniel Levy, City Realty’s chief executive, six apartment sales broke the $50 million mark and around three dozen more sold for over $25 million. The two priciest properties sold for $74 million and $62 million.
For sellers, 2019 won’t be a magic fix, but it won’t be a bad year either. As we’ve said before, a good product will sell despite the market it’s in. Developers will continue to look for new and creative ways to market their buildings. And for those who don’t want to see listings on the market for an unsettling amount of time, there’s no better time to try a new marketing strategy than the present!