This past summer saw a decent amount of transactions conducted on the
Upper West Side.
It was not a record breaking time, but sales continued.
Most of the transactions were spread fairly evenly across the board of all price ranges.
The good thing about the Manhattan market is that there are so many different groups of buyers that if one isn’t active, there is sure to be interest from another group. Meaning, we saw studios in the $300Ks go to first-time buyers and high-end new construction to some foreign investors.
September ended with buyers in a “pause” mode -- pausing because they are being prudent while they evaluate the market.
Buyers are asking, "Are the prices going down?” “Have we hit bottom and is now the time to buy before the market strengthens?”
We certainly don’t have the answers to these questions, but we do know that of the transactions that have been done, the buyer has gotten very fair prices compared to last year’s ranges. And the mortgage interest rates are still historically low.
Sellers who have their homes on the market now are serious sellers. If the right offer comes along they are seriously considering each and every one. So buyers, this is your market!