There’s finally a light at the end of the Lincoln Tunnel! Manhattan sales increased year-over-year in Q2 2019 compared to the same time frame last year, which is likely due to the impact of the NYC Mansion Tax that officially went into effect on July 1.
The number of listings is also up in all three boroughs in Q2 2019 compared to Q2 2018, giving buyers who are ready to jump in more options no matter where they choose to reside in New York City.
Read on to find out what else happened in the Manhattan, Brooklyn, and Queens real estate markets last quarter, and search homes on theagencyre.com if you are ready to take advantage of this summer’s buyer’s market!
In Manhattan, the number of sales is up 31% year-over-year while the number of listings with price drops is down 5%. In comparison, sales were down 17% and listings with price drops were up 63% in Q2 2018 vs. Q2 2017, showing a clear shift in the Manhattan market in 2019. Although this could be the beginning of the Manhattan real estate market’s comeback, it is likely that this shift is the result of buyers closing prior to the July 1 tax change. The number of listings is also up 19% in Q2 2019 compared to Q2 2018, giving buyers on the fence more inventory to choose from.
Moving onto Brooklyn, demand is still high with an 11% increase in the number of contracts signed year-over-year. The number of listings with price drops increased by 17%, signifying that sellers are adjusting their aggressive pricing from months prior. If you’re thinking of buying in Brooklyn, you’re in luck! The number of listings is up 19% in Q2 2019 compared to Q2 2018, and more options to choose from means less to compromise on.
With a 41% increase in the number of contracts signed in Q2 2019 compared to Q2 2018, buyers have their eyes set on Queens. Sellers are surely taking notice of the demand in this borough with a 7% increase in the average price per square foot and a 1% increase in the median listed price year-over-year. However, Queens is still a great option for those who want to avoid the pricier Manhattan inventory, and we predict the trend of buyers moving toward this borough will continue into next quarter.
Data courtesy of OLR Market Pulse and current as of 7/8/2019.