February 2020 Upper Manhattan Residential Real Estate Market Report
February 08, 2020
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 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.
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.
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.
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.