Upper Manhattan Real Estate Market Update - New for June 2021!
End of Summer Upper Manhattan Residential Real Estate Market Report 2021
I have never seen anything like this in my 20 years of practicing real estate. What's going on at the end of summer?
Here we are at the end of August. There are currently 619 properties for sale in upper Manhattan, 261 of those fall in Harlem. How come there is so much inventory in Harlem? Well, there is a straightforward answer for that. And it's something we've talked about in previous videos, and that is new construction. New construction is hot right now. So buyers have been flocking to get the high-end finishes, amenities, roof decks, pools, and spas.
Because all of the new construction lies in Harlem, it naturally rings inventory way up. So if you look at past market reports, that number has been much higher. It's 261 because of the numerous developments, and that has been shrinking every month. So it's something that we're monitoring because we're tracking the absorption rate of buyers deciding to purchase new construction over resales.
So we have that other numbers in the neighborhood East Harlem is 76, Washington Heights at 70, Morningside Heights at 64. We see a trend line there. Hudson Heights goes down to 50, Hamilton Heights 48, and then we start to see something interesting. So we have the regular trend line between 50 and 70, which we've seen as usual. Still, when we step into Inwood, and it drops to 37 demand, it increases substantially. Then we step into Fort George, and that plummets to 13.
So we have such a broad spectrum of properties on the market. Now from 261 in Harlem to 13 in Fort George. Why does Fort George have only 13 listings? And I've been analyzing this and looking at this, and here's why Fort George is one of the most attractive areas in all of upper Manhattan for first-time home buyers.
In Fort George, most co-ops accept 10% down. Many lenders have programs that will also help subsidize closing costs in this neighborhood. So if you are a seller and you're thinking about selling in the Fort George area, this is an exciting time to be putting yourself on the market. Why? Because you want to be on the market when there's the least amount of properties to compete.
There are 20% more buildings in Inwood. Still, that inventory is a lot less because it's very desirable, and many clients come up to this neighborhood. Because of this, many folks stay there longer, which keeps the number of properties on the market lower.
So let's dive into the following chart, which is the days on the market in upper Manhattan. Now, this supports what I call the Fort George phenomenon. In this chart, you will see that the average days on the market are between 90 and a hundred days. So you will see Harlem and 93 Morningside 94, Hudson Heights, 95, Hamilton Heights, 99, Inwood 99. But the number is a staggering little bar right over on the side of Fort George 26. So, we see the average number of days on the market in Fort George is 26 days.
Now let's dive into the most fantastic piece of all of this: the price and the average median price. Right now, one-bedrooms in Fort George are moving quickly because they are at almost the same price as studios. And looking at all the data and all the sales that we do, they're both selling. So suppose you are looking for a studio in Fort George. In that case, you might look again because you can stretch your dollar to a one-bedroom.
I have not been able to say that ever. Still, the median price in the one-bedroom is almost the same as a studio, which makes the market interesting for buyers. Now, diving in quickly, two bedrooms are averaging $525,000, 3 bedrooms $699,000 all equal the trend line of what we've seen over the last couple of months. So that is all one pace, but the studio and the one-bedrooms, that's what we're focusing on. In Washington Heights, the median price of a studio is $447,000, and the one-bedroom price is $438,000.
Yes, that's right. The median price for one-bedrooms is less expensive today than it is for a studio. If that is not a buying opportunity, I don't know what is. Now for the two bedrooms. Two-bedroom prices are $615,000, and the three-bedroom median price is $597,000. So we see another fascinating comparison here. For all you buyers needing extra space right now in Washington Heights, the average listing price for a three-bedroom is cheaper than two bedrooms. And that bonus room for less than the cost of a two-bedroom makes it sweeter.
November 2020 Upper Manhattan Residential Real Estate Market Report
The Upper Manhattan residential real estate market is seeing what could be the beginnings of a recovery. The Mortgage Brokers Association just announced that the national forbearance rate, a key indication of whether folks are able to pay their mortgages, fell seven basis points to 5.83% for all types of loans. That's news worth celebrating, because this means that a lot more borrowers are starting to pay on their loans again. The listing count, a grassroots indicator of what's going on neighborhood by neighborhood, also contains some good news.
This is the first month since June, when New York City real estate agents were deemed essential, that the number of listings has gone down! Even Harlem, with its massive amount of new construction and inventory, has hit a plateau with just under 350 properties available for sale. Prior to the pandemic, Upper Manhattan (the borough's northern tip that includes the historic neighborhoods of Harlem, Washington Heights and Inwood) had units with similar size and amenity sell for about half that of their downtown equivalents. And with a moderate 12%-15% decrease, the region has been spared the drastic price reduction the rest of Manhattan experienced.
In the last couple of weeks, uptown listing agents have seen a noticeable uptick in bidding wars on properties that were priced to move. What's more interesting are the types of properties going into contract: studios and one-bedrooms, or in other words, inventory popular with first-time homebuyers.
With bidding wars back, mortgage interest rates dipping below 3% and Upper Manhattan's abundance of co-ops with low financial barriers, a few brokers are cautiously optimistic about a recovery.
It seems as there are a tremendous amount of savvy individuals out there that are scraping, saving up for that down payment—or borrowing gifts from family—because they realize the opportunity they have won't last forever.
In just the last two decades, New Yorkers have experienced a few down makers themselves. First, the down market of 2002 after the tragedies of September 11th. And then the down market of 2009 after the financial crash of 2008. And in both occurrences, plenty of pundits were quick to declare that the city would never return to her former grandeur.
"The demise of New York City has been greatly exaggerated." said Matthew Bizzarro, the newly elected Upper Manhattan REBNY Co-chair at a digital industry event. "We have a track record of going through an eight to eighteen month recovery period after the unthinkable occurs." He went on to say that, "All of the clients that I worked with—even back then it was mostly first-time home buyers—in 2009 and after 9/11... they knew they were sitting on an opportunity. And their family, their friends, the media, pretty much everybody called them nuts. They were called crazy; they were accused of throwing their money, their lives and their future away! After twenty years in the business, I can tell you that these are the same clients who called me back to sell and made the most money out of anyone I've worked with. All because they had the foresight and the courage to purchase in a down market."
Matthew Bizzarro is the Broker of Record and Owner of The Bizzarro Agency, an award-winning boutique residential real estate company serving buyers, sellers and investors in Upper Manhattan and The Bronx.
September 2020 Upper Manhattan Residential Real Estate Market Report
I'm about to quote you one page out of the classic children's book Henny Penny. And it says,
"Goodness gracious me!" said Henny Penny. "The sky is falling! I must go tell the King." And away she runs.
Henny Penny then goes and gets her friends. We got Goosey Loosey, Ducky Lucky, Turkey Lurkey. And they're running. They're not thinking, "Why is the sky falling?". They're not trying to find an answer.
And what happens? They stumble upon the Fox. The Fox sees this. The Fox is very wise. And he says, "I can show you a better way to the King!"
So spoiler alert! He shows them a better way, right? Right to his cave. And then he and his family eat them all!
What am I talking about? We have 359 units for sale in Harlem.
As we've previously discussed, Harlem has the highest unit count because of all the new construction and new development that has come to the market.
And this number is almost 20% higher and it was last month.
Then we've got Morningside East Harlem, Washington Heights, Hudson Heights all come in with about 80 units for sale. Hamilton Heights, 64. Inwood, 46. And the Fort George area has 13.
These are also across the board about 10% higher than they were last month.
Yeah, it's high. But I also know that going into October, this is typically the time of year with the highest amount of listings on the market. So with that perspective, I'm not freaking out.
I'm happy to report that the sky is not falling.
That amount of inventory creates a very interesting opportunity for buyers, especially since interest rates are at an all-time low.
If you're sure you're staying in New York, you can own in some instances for pretty much what you're paying in rent. And this is the perfect time to upgrade, because there are a lot of well-priced options available.
Sellers: the sky may not be falling, but what has fallen a little bit are prices.
We were at about 5% to 8% already, and I can predict that going up to about 10%, maybe even 12% as we head into the wintertime.
The fact is, is that Upper Manhattan has seen a fair price increase year over year, over year, over year and there has to be a correction. And the good news for sellers is that this is not like the correction the market downtown has been seeing. The key thing to think about is pricing your homes correctly.
Remember that when buyers have a choice, we have to be competitive.
August 2020 Upper Manhattan Residential Real Estate Market Report
It's August! What's happening to New York City's Real Estate Market?
Almost two months since we are back in business and New York City's market is already on FIRE! I'm here to tell you where it's going as we dig in the August market report.
Best way to see the future performance of the market is to look at the past, especially at the COVID effects to our current market, because data doesn't lie.
2019 Upper Manhattan Closed Sales:
- Q1: 250
- Q2: 330
- Q3: 305
2020 Upper Manhattan Closed Sales:
- Q1: 258
- Q2: 160
- Q3: You are here!
There are currently quite a few homes for sale available in Upper Manhattan.
- Harlem: 307 listings
- East Harlem: 76 listings
- Morning Heights: 76 listings
- Hudson Heights: 65 listings
- Washington Heights: 62 listings
- Hamilton Heights: 53 listings
- Inwood: 39 listings
- Fort George: 13 listings
Supply is very high.
Inventory is on the rise.
Buyers are meeting the demand.
Don't believe everything you read, because in reality, the market is moving. It's FIRE right now in upper Manhattan. The Bizzarro Agency has never been busier!
HOME SELLERS: You're on the market right now. If you get no action, no traffic, and no one wants to visit your apartment, it's probably overpriced.
Nowadays buyers want a deal because they're buying it during a pandemic. Apartments that are priced right are the ones that are selling. They're not going to overpay. This is not a market to overprice your property by $50,000 or more.
This is a real market. And in this market, you have to price your apartment right to drive traffic to your listing.
For every 1 person that's leaving the city, there are countless others coming back. There is no better time to purchase than right now!
If you know you're going to live in NYC, there's no time like now. There are a ton of listings to choose from! Mortgage rates are at a historic low, around 3%, and buyers are able to stretch their dollar further than ever, which allows them to purchase bigger spaces — more expensive places that they would not have been able to get six to twelve months ago.
May 2020 Upper Manhattan Residential Real Estate Market Report
What is the market going to do? Hey everybody. Matthew Bizarro here, Broker/Owner of the Bizzarro Agency and for today we have my main man, junior agent, Francis joining us to bring you the May Market Report.
May 2020 Market Data
Diving into the data, I'm going to show you two very important charts and this shows the difference in the effects of what COVID19 has done to the real estate market in upper Manhattan.
So what we have in front of you is deal count. This is how many homes (condos, co-ops, townhouses) were sold per quarter. We're going to look at the first two quarters cause that's what's the most relevant right now (obviously may right in the thick of the second quarter).
May 2020 Market Data by Quarter
So first quarter deal count for home sold was how much? 245. Ionically, the count for the first quarter in 2020 is also 245.
So our first quarter kept pace with last year perfectly. Now here's where we're going to see the difference. Last year's 2019 second quarter, how many properties were sold? 320. Now COVID19 steps in and where are we at?
Halfway through almost may in the second quarter. Where do we sit with the property sold? 39.
COVID-19 and the Real Estate Market
So we have gone from a quarter that's going to have last year, 320 homes sold to right now being halfway through and only having 39. You want to talk about putting on the brakes? That's what COVID19 has done to our market.
New Condo Construction in Harlem
The last chart I want to share with you is a very important one. It's the listing count chart and this shows the amount of homes, co-ops, condos and townhouses that are on the market right now and if you take a look at this, you're going to see all a lot of inventory in Harlem.
There's 209 homes for sale in Harlem. Everyone looks at that and says, "Whoa! Why is that so high? Why is that so much higher than everywhere else?"
East Harlem, Morningside, Washington Heights, Hamilton Heights, and Hudson Heights, all have around 50 properties each and Inwood and Fort George have a little bit less.
But they say, "why is there so much inventory in Harlem?" Well, that's because of all the new construction and new developments. There's a lot of condo inventory for sale, so if you happen to be a condo buyer, now is the time. With the amount of supply that is out there, you can go in and get some great deals.
The NYC Market is Heating Up
Interestingly enough, new construction aside, the rest of the market is very low. Supply right now is super low. We're talking less than 500 homes for sale in all of upper Manhattan. It hasn't been this low in over 20 years.
We're starting to get nicer weather. We're starting to get more antsy. People are home. People are sitting around realizing this isn't enough space for me. "I really hate my apartment." or "I only dealt with this neighborhood or this building cause I was never home!" and now they're home. So there's a lot of beginnings of the plannings and the next chapter in their life and that always involves a new home.
Should You Buy or Sell Right Now?
If you are thinking about selling your home, you may want to take a look at this data. With incredibly low inventory, your listing will be competing with far less properties right now in this market.
Same if you're a buyer. Yes, you have less choice right now, but you also may be shopping with less people and have less competition to get some homes that are good deals.
February 2020 Upper Manhattan Residential Real Estate Market Report
It's February 2020 we are about four weeks from spring and here's what you need to know to position yourself to win.
February 2020 Upper Manhattan Residential Real Estate Market Report
February market is a market of transition and that's okay. It happens every February as we prepare for spring. But if you're a buyer out there, you want to take a very good look at what's currently on the market now because there presents itself a very good buying opportunity as the listing agents know spring is coming.
Manhattan-Area Market Update
So let's dive in. As of today, there are 505 apartments and homes for sale in upper Manhattan and the average days on market is 119 days. Now that number is important because that is an average, which means a lot of them are sitting longer. So if you are a seller who has listed their apartment in the winter, it's because you need to sell. It's not because you're looking for the highest price the market can give you. So if you've been on the market for three, four, five months, there is a buying opportunity here. So the next fact you want to look at is location-locations are an important play. Because you need to know how many opportunities of apartments and homes there are for sale in the neighborhood you want. If you don't have your neighborhood pick but you know upper Manhattan, this will allow you to view how many opportunities you have per neighborhood and the numbers are actually quite staggering.
Harlem-Area Market Update
If you desire to be in Harlem and we're going to count Morningside and Hamilton Heights, you actually have 393 buying opportunities. A lot of that is also because much of the new construction in condos has been going up in Harlem, so there is a large inventory of new construction available for you as well. Should you desire to be North of one 55 to 200 in Washington Heights there are 81 apartments and homes for sale.
Inwood-Area Market Update
If you desire to go to the tip on Inwood 200 to 218 there are only 26 opportunities to purchase in this February market. Now that you've got the information, talk to your buyers agents and go out and get it. It's always a pleasure bringing you these market reports. Give us a like, comment, subscribe, or better yet share it with a friend that you know is in the market that needs the information. Bizzarro here and I'll see you around the neighborhood.
January 2020 Upper Manhattan Residential Real Estate Market Report
What lessons did we learn from 2019 and what does that have to do with the housing market moving forward this decade?
Hey, Matthew bizarro here and we're going to deep dive into what to look forward to if you're a home buyer in this January Market Report. In the last Market Report, we discussed how inventory was up, how prices were coming down, and about how almost 25% of the properties have seen price reductions and you listened. December was gangbusters. Everybody was purchasing. We had one of the hottest Decembers and purchase contracts that we've seen in 10 years. Those deals are still out there.
If you are considering buying right now, listen up. I'm going to give you some tips. One, no seller lists in the middle of winter to get the highest price. If you are listing in the winter, that means you need to sell your home relocation, family situations, whatever the reason is, those that list in the winter are sellers that are looking to sell so they are motivated.
Second, we've got three months till spring. This is an opportunity for you to leverage the winter, put on your gloves, put on your hat, put on your goal lashes. That's right, gold lashes, and get out and see some properties. Yes, there are more properties that come up in the springtime, but you are competing with fewer buyers, which means if the property is right for you and it's out there and it's on the market, you have an opportunity to make an offer with less other buyers interested. So let's make 2020 your best year ever.
Thanks for watching. I really enjoy bringing this information to each month. If you have any questions, feel free, free to reach out. As always, please like comment, share, and subscribe and I'll see you around the neighborhood.
December 2019 Upper Manhattan Residential Real Estate Market Report
There's no place like home for the holidays. Bizzarro here, and I'm bringing you a gift. The December Home Buyer's market report.
We're going to dive right into the three most important stats of December and they are mind-blowing. Buyers, listen up: 23.7% of the properties on the market have had a price reduction. The median price uptown alone has gone down 11% and the vest inventory is up again, 7.7%.
So what does this mean? If you are a buyer looking out there right now, it means this: things are on sale! Take this as your holiday sale! We've already seen almost a quarter of the market do a price reduction. There are opportunities up there and if inventory is increasing, that is going to allow you the opportunity to stretch your dollar and allow you the opportunity to have more choice and be a little more picky and obtain more of what you want.
So in recap, this winter has presented a tremendous opportunity to take advantage of a great market, it is a good time to buy. Enjoy the holidays from our family to yours. We'll see you around the neighborhood.
November 2019 Upper Manhattan Residential Real Estate Market Report
There's a lot to be thankful for this month. Family, friends, Turkey, Tofurky, lasagna. But most importantly you should be thankful for this buyer's market. Bizzarro here and buyers, listen up! I'm coming at you with our November Buyer's Report.
So everybody knows that November is a phenomenal month for sales and deals. What I need you to do is shift your thinking and take that and apply it to the housing market because there are tremendous opportunities out there for you. Now what do I mean by that? We talked last month about an increase in inventory and the numbers are in an inventory has actually ticked up 7.7% that's a large tick for a season like this.
So there is inventory, inventory equals choice. Now everybody always asks me, "How is the pricing?" Well, those numbers came into and actually the pricing in the housing market right now has gone down to the 2015 level. So that is going to allow you to get some great bargains. It's going to allow you to stretch your dollar up to get something a little bit nicer or it's going to allow you to get a better deal and keep your monthly's lower.
The last piece of information I want to share with you, it's not staggering but you really need to hear it. It's that rents are up big surprise, but actually rents are up to an all-time high. So if that is affecting you, it's time. It's time to really look at can I own for the amount of money that I'm paying in rent or can I own for very close to the amount of money I'm paying for and rent and this holiday season, when you're around the table, you may have an opportunity to get support, family and friends to have a conversation about how they might be able to help you move from renter to homeowner.
But bottom line is, and I know this is true, you need to give a call to your Bizzarro Agency Buyer's Agent, and you need to get out there and walk off all the wonderful food that you eat this month, looking at homes bizarro here. And I really appreciate if you know somebody that might benefit from this or someone that's on the fence about homeownership, please share. I love reading your comments. I'll respond to all of them. Just drop them below and I'll see you around the neighborhood.
October 2019 Upper Manhattan Residential Real Estate Market Report
This Halloween market going to give you a trick or a treat? Bizzarro here, and let's dive right in to the October Buyer's Market.
If you are thinking of buying, listen up: This market is not a market you should be frightened of. In fact, it's the opposite. This is a market where you should get your sugar buzz on and run straight to open houses over the weekend because inventory has made a slight tick up and that's unusual for this time of year, so with an uptick in inventory that means more choice for you, more opportunities to get the home that works for you.
Now you're keeping in mind, in addition to having high inventory, we have continued to remain very low on the interest rates. This allows you to stretch and work your dollar to the maximum potential possible. It is a fantastic time to get out there. This is not a market to be frightened of.
Thank you for watching and do me a favor. If you know someone that's on the fence about this market, send them the video. I love reading your comments. Leave them below. Hit like if you're so inclined as a Bizzarro here and I'll see around the neighborhood.
September 2019 Upper Manhattan Residential Real Estate Market Report
I'd love to talk about pumpkin spice, but that is way too controversial for this Market Report.
Hey everybody, Bizzarro here and I am chiming in with September's Market Report. The numbers are in and summertime was fantastic. Closings were up year to date. For example, July was up 19% that's right. Contrary to what you're reading, what you're seeing, what people are talking about. Closings were up. So what does that mean? That means that the spring was strong, in fact stronger than last year.
On average. It takes between two and four months to close your property. So properties that are closing in the summer went to contract, most likely in the spring. I want to talk to you about where we're going. How is the fall looking? Every day people ask me, where's the market going? What should I do this fall? Should I be looking? Should I wait until next spring? Where are we at? Homebuyers, if you're thinking about it, listen up.
If you thought my rent is too high, I might want to buy. Listen up. It is a phenomenal time to purchase a home. Inventory is coming in every day. We're seeing new properties from all sizes, from studios to brownstones. The inventory is looking great. Interest rates are down. They are almost historically low. Again, it is cheap to borrow money, so what does that mean? I get asked all the time.
What does cheap to borrow money mean in your terms? It means this for the amount of money you want to spend, you can borrow more money, which means you can bring up your price ranges, which may be the difference in getting you a bigger apartment. It may be the difference of getting you an eating kitchen. It may be the difference of getting you from a one-bedroom to a two-bedroom. This is massive and this is something that buyers should be taking advantage of.
Now, if you're a seller, good news fall numbers are also strong. Here's the key. The key is it's not 2016 that market is gone. The apartments that sell now are priced correctly. Gone are the days of overpricing, multiple offers and bidding up, but very much here are apartments with multiple offers. If they're priced right, the consumer is very smart. They'd been watching the market, they're not rushing into purchasing like they were a few years ago, so now the apartments priced are moving quickly.
The apartments that are overpriced are sitting on the market over price. Your apartment with failure to adjust, you're going to be instantly looking at 40, 60, 80, 120, 200 days on the market, and what you don't want as a seller is to become stale. If you found this helpful, like comment, share, I love reading what you have to say for onto a friend.
Who do you know is renting that shouldn't be? Send it onto them. Love to hear your thoughts. Talk to you soon. Check out more exclusive, Bizzarro agency content and don't forget to subscribe. You can also stay up to date with the New York city real estate market by following us on Instagram and liking our Facebook page.