What we saw in 2018: Nationally, the end of 2018 was dominated by talk of a potential real estate bubble. In Sunset Park, we started to see signs that prices were peaking, and inventory started to increase. However, even with the small increase in listings, we still finished with an inventory shortage and all-time high prices. The average Sunset Park condo sold price has increased $441,000 (82%) over the past 7 years!
What we expect for 2019: With the slight shift in the market, sellers will need to be realistic, as we expect buyers to be cautious. If priced correctly and marketed appropriately by Sunset Park experts, we expect condos to sell quickly and for top dollar. If priced above market value, sellers will need to substantiate the price with some finely tuned renovations and presentation, or risk not selling.
If selling is something you are considering, please give us a call — we have the Sunset Park expertise and experience to help prepare your property and maximize your value.
–Tregg Rustad & Peter Maurice
Stats based on information from the CLAW/MLS as of 01/08/2019. Data is deemed reliable but is not guaranteed.