Before jumping to neighborhood market dynamics I wanted to provide you with a few analyses of the citywide market:
First, median sales prices are down. But, they typically fall in Q3 from Q2 due to seasonal inventory and demand issues. Year over year, the Q3 2016 house price is running above that of Q3 2015, while the condo median price has stayed essentially flat.
Second, there has been a big surge luxury inventory. Even more so than the general market, the luxury home market is fiercely seasonal, with spring and autumn being much more active than summer and, especially, the mid-winter holiday period. September is typically the single month with the highest number of new listings, which fuels the relatively short autumn selling season before the luxury market starts to go into hibernation in mid-late November.
Now, let’s look at the neighborhood report. Following the dynamics of the City in general, things were slow in our northwest corner of the City over the last quarter. Inventory and transactions were flat in Sea Cliff and they dropped by 50% in the Lake Street corridor (year over year). Here are the numbers:
Some key neighborhood data points that demonstrate a general slowing:
Here are the top neighborhood sales of the third quarter:
We’ve already seen quite an uptick in inventory since early September; especially in Sea Cliff. I’d expect to see Q4 results show an increase in sales prices and an increase in days on the market. Sellers will need a little patience in order to find the right buyer at the right price.
That is it for now.