QTR 1 2020
SINGLE FAMILY HOMES
The Sunset Park real estate market had a strong start in 2020: 18 Single Family Homes sold in the first three months and typically, these homes sold 40% faster than in 2019. Even though the sold price per square foot dipped (based on a number of larger homes selling than in the prior year), the median sold price increased 14% in 2020, signaling that the year began with a high level of optimism. Since homes typically close 30-60 days after a purchase contract is signed, we expect a slowdown for next quarter, as many sellers have delayed listing their homes and buyers are generally waiting for markets to stabilize as the pandemic comes under control.