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Sales, prices fell in first quarter 2018 as market adjusts to tax reform

By Patrick following x   2018 Apr 10, 4:16pm 263 views   0 comments   watch   sfw   quote     share    


http://rew-online.com/2018/04/09/sales-prices-fell-first-quarter-2018-market-adjusts-tax-reform/

Manhattan apartment sales hit a six-year low last quarter and the average transaction price fell to its mark in nearly a decade.

Brokers and market trackers attribute the fall-off to prospective buyers collectively holding their breath after the federal tax reform roll-out at the end of last year. ...

Bond’s report noted a 20 percent year-over-year decrease in contract activity during the first quarter and a nearly 8 percent dip in average price. ...

Meanwhile, Douglas Elliman saw its year-over-year sales decline by 24.6 percent, Halstead’s closings were down 30 percent and Corcoran moved 314 fewer properties, an 11 percent decline. Industry executives credit this to buyers being unwilling or unable to meet high asking prices and sellers are unwilling to drop them.
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