New York City real estate market expected to make full recovery
Real estate in New York, NY, showed some positive signs in the first three months of 2012. Recently, city real-estate firms released their market reports for the beginning of the year, and business has been steady across the board.
According to the New York Times Magazine, Appraiser Jonathan Miller's report for Prudential Douglas Elliman sees a market that continues to stabilize , but with some mixed signals. For example, inventory was consistent at 7,560 listings compared to 7,605 in the first quarter of 2011, meaning more people want to remain in the New York City area. Unfortunately, the average sales price of a Manhattan apartment slipped slightly from $782,071 last year to $775,000 in 2012.
What may come as a surprise is the increase in starter apartments sold in the first quarter of 2012 - studios and one-bedrooms composed 56.2 percent of market share compared to 49.4 percent in 2011, reports the news source. The uptick in starter sales may indicate a rise in young homebuyers entering the New York City area.
People looking to invest in a stable housing market, whether for a studio or larger property, may want to consider the long-term advantages of purchasing a home in one of the biggest cities in the world. With the housing market primed for a steady rebound, getting a place now could present surprising deals.