The number of condo sales in the Greater New York area hit a record high of 5.8 million in December, up 7.5 percent over the same month last year, according to new data from Realtor.com.
The market is still in its infancy, and many buyers are still waiting for a sign that the market is in recovery, said Jason Dziczek, a real estate broker and co-founder of Realtors.com, a website that provides real estate information.
Dziczak expects the market to remain strong for several years.
He said he expects the number of condos to increase every year for the next several years, although the condo market has never reached its peak.
There are more than 4 million homes in the New York Metropolitan area, according the U.S. Census Bureau.
There are more condominium units in New York than any other state in the country, and in many neighborhoods, condominium developers are also building new units for sale, Dzizek said.
There have been a few setbacks in the market, though.
Some condo owners in the city have stopped selling their homes.
And condo sales have been declining in New Jersey, Pennsylvania, and West Virginia, Diziczek said, as the condo markets have struggled to recover from the recession.
The biggest selling points in New Yorkers condo market are: affordable rents, quality amenities and a large number of high-end condominium apartments, said Peter Nesbitt, senior vice president of real estate consulting firm Cushman & Lardner.
The company is offering the Nesbalts two homes in a New York city neighborhood: one in Manhattan and one in Queens.
The two units will be the first ever condos in Queens, Nesbardt said.
He expects the condo sales to be strong in the coming years.
In the next year or so, he said, a number of developers will be able to build units for less than $600,000.
That will be a huge shift in the rental market, said Nesbit, who has been working with developers on condominium development for years.
“If we’re building condos in New Orleans, it will be at market rates, not the low end,” Nesbet said.
The number of condominium buildings in the City of New York is projected to increase in the next few years, according a new study released last month by the New Jersey-based real estate research firm CBRE.
In 2018, the number will grow to 4,716, up from 3,917 in 2019, and 6,812 in 2020.
The average price of a unit in the condo sector will increase by about 2 percent in the first year after the ban was lifted, the study found.
In 2019, the average price for a unit will rise to $1.872 million, up 4.1 percent from the same time last year.