New York City's real estate market isn't in 'free fall' and here's why
It began to seem clear in late 2015 that our market, especially at the upper end, was due for a correction. The combination of six years of steadily rising prices and a growing backlog of unsold inventory, originally in the high-end condo market but gradually spreading to most price ranges in both condos and co-ops, inevitability led to buyer caution.
So as the market gradually declined through 2017 and 2018, sinking even as the stock market rose, inventory increased—along with seller frustration and buyer reluctance. This came to a head during the last months of 2018 and the early months of 2019, when transactions slowed to a trickle. Then seller price capitulation began to settle in, and as prices were reduced, transaction volume gradually accelerated in the early spring of this year.
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