September 2020 Upper Manhattan Residential Real Estate Market Report

September 15, 2020

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. ✌️