From the New York Post:
The fourth quarter is invariably the slowest and weakest period of the year for the city’s housing market. Because of the holiday season, New Yorkers are more interested in shopping for gifts and taking the kids to see Santa than shopping for a new residence.
Not so this year, according to four real estate pros, all of whom tell me the New York housing scene is humming again, contrary to all the gloom and doom talk you hear and read about. They all say sales in the Big Apple are beginning to display considerably more zip despite the usual fourth quarter weakness.
Jonathan Miller, one of the city’s leading real estate appraisers, also confirms the housing pickup. “We’re seeing a decided increase in the number of transactions ” he says. It suggests to the president of Miller Samuel that next year’s first quarter could be a good one, especially when compared to the traditionally weak current quarter.
Mr. Miller, who conducts well-publicized quarterly surveys on the state of the city’s real estate business, also points to the upper end as one of the best performing sectors of the market, notably apartments at $3 million and up.
What about overall inventories? Including new construction, they’ve leveled off, he says, holding at about 7,600 units the last couple of months. Overall, though, that’s still higher than the average 4,000 to 5,000 units that have been on the market over the last five years.
Given his assessment, indications are prices could firm or head up a bit from the third quarter’s average prices.