Old Man Winter Takes Bite Out of Condo Market

Jan. 5, 2015 — It was one hell of a year for condo sales, so much so that one group of real estate execs talked them up big time. Another group, however, said to expect the luxury market to shrink thanks to a slowdown in condo sales. Just how much of a slowdown? The New York Daily News reports that condo sales dropped 26 percent between October and November 2014, following a seasonal high in October. "Colder weather and modest price growth put a chill on condo sales activity in November. That's not a surprise as October is typically the final push for home purchases before the end of the year," StreetEasy data scientist Alan Lightfeldt told the Daily News. "But the slowdown will likely continue through all of 2015. We predict condo prices will increase at just half their 2014 pace over the next year." Lightfeld also echoed the real estate experts who spoke with DNAinfo, adding that "greater inventory will give Manhattan buyers the opportunity to be more aggressive about negotiating asking prices." Condo sales may have fizzled as the year drew to a close, presenting sellers with bad news indeed; but one seller's misfortune is another buyer's gain.