For-Sale Apartments Velocity?

[Da Zhang]

Hi, what is the velocity people are seeing for for-sale apartment in NYC? Pretty slow? I'm not surprised given people are fleeing the city. Mine is in Queens, a 2B1B, on market for 6 weeks and still no offer. It's priced about the middle and the condition is very good. Wondering if people have any tips for selling under the current circumstances.

[Abel Curiel]

Originally posted by @Da Zhang:

Hi, what is the velocity people are seeing for for-sale apartment in NYC? Pretty slow? I'm not surprised given people are fleeing the city. Mine is in Queens, a 2B1B, on market for 6 weeks and still no offer. It's priced about the middle and the condition is very good. Wondering if people have any tips for selling under the current circumstances.

Hello Da, 

What you are experiencing is happening in Manhattan, parts of Queens and Brooklyn as well . Average days on market is starting to surge in certain markets but if you're priced right, you may still land a suitable buyer... it'll just take a bit longer than it has in recent years.

Some markets in Queens may see drastic price drops in the months to come especially if these vacant/unsold units do not get rented. A good example of this is Long Island City, specifically newer condos. https://therealdeal.com/2020/0... This article illustrates the decline in demand in this particular market.

We have had a fairly priced 2/1 apt. for sale in Jackson Heights Queens which is just now starting to see offers after about 45-50 days on market. Typically, we would see this type of activity within 3 weeks.

Pricing and marketing will get your unit sold. Price AHEAD of the market to outsmart your competitors rather than pricing where you think the market currently stands.

Best of luck to you moving forward!

Abel