Market Up, Market Down - What Is Going On?

In an article on April 1, the New York Times reported "The Manhattan real estate market saw declines in price and sales volume in the first three months of 2011."  The article also stated that many of the city's large brokerage firms released their reports on first quarter activity that day.

Most people will focus on the fact that all reports showed some sign of weakness.  But, there is another statement that is equally valuable to consider.  What statement is that...?

"...firms varied in their conclusions"

Data helps to draw conclusions about the marketplace.   Whatever the new data that comes out, ask your agent, (or ask me if you're looking for an agent):  How will you use this market data to get me the best deal?

A Market Snapshot - March 2011

Although it is April Fool's Day, market data is no joke.  This morning, as I reviewed market data for March, I was pleased to see signs of growing activity and stable values in the West Village. 

To see what the early spring season brought to market, I return to 2-bedroom apartments in the West Village as my focus for this post.  Over the coming week, stop back for updates on other layouts or neighborhoods situated on the lower west side. 

Top Line:  I believe that two bedroom properties in the West Village continue to represent good value - as well as a thriving real estate market

• The average price per square foot for 2 bedroom apartments in the West Village remained stable, posting a decrease of only 4%.  Currently, the average price per square foot for 2-bedrooms in the neighborhood is $942/sq ft (compared to $1080/sq ft for 1-bedrooms) 
• Trade volume picked up nicely, with contracts signed up by 10%, new listings up by 8.7% and properties sold up by a whopping 44%.
• 6% of listings for 2-bedroom units dropped their price during the period and another 6% of listings were taken off the market.   

How do I read between these lines? 

• Inventory remains low in this popular neighborhood - which encourages stable market values. 
• Owners of properties that have been sitting on the market are growing more motivated to strike a deal. 
• Buyers and sellers have more closely matched expectations for pricing and deals.
• Now is a good time to consider 2-bedroom layouts to gain a little more space...and an extra bedroom!

If this market snapshot is enticing, call or email me (rebekah@tmrp.com) to guide you to the best deals and the most interesting opportunities!