Two reports from the Real Deal on New York. "For Westchester’s residential real estate market, the fourth quarter wasn’t the season for giving. In the final three months of the year, the median sales price of luxury homes in Westchester slid 12.2 percent to $1.8 million from $2.05 million a year earlier, according to Douglas Elliman’s latest market report. At the same time, the number of sales in the luxury segment plummeted 32.2 percent."

"The broader market saw some pronounced shifts, too. Overall, the median sales price dipped 11.8 percent to $470,000, while sales fell 22.2 percent. In the single family market, the price dropped 11 percent, with sales declining 29.9 percent. That marked the sixth straight quarter of year-over year declines."

"'It’s a steady erosion of activity, said Jonathan Miller, author of the report and CEO of appraisal firm Miller Samuel. 'In a declining market, the sellers are late to the party — and in a rising market, they’re ahead of the party.'"

"Amid an overload in the Manhattan luxury market, Cary Tamarkin and High Line Development Group have switched marketing strategies and cut prices at their 19-unit West Chelsea condo project."

"Sales for 'the first handful of units' at 550 West 29th Street are launching Wednesday, according to Nest Seekers International’s Ryan Serhant, who took over marketing from CORE. The mix of three- and four-bedroom units will be priced in the 'low $3 million range to $7.5 million,' and more units will hit the market as sales are made. Sales for the condo first launched in fall 2017 with prices ranging from $4.6 million to $13.5 million."

"Serhant said he was not concerned about moving the units amid a broader slowdown at the higher-end of Manhattan’s residential market as Manhattan is set to see 20,000 new units come online. 'I think buyers are just value conscious… but buyers are still buying apartments everyday,' he said."

From Broker Pulse. "I had the pleasure of speaking with Aleksandra Scepanovic, managing director of Ideal Properties Group, about what forces will influence Manhattan’s real estate market in 2019 and the trends we will likely see more of."

"There are many things to consider: median prices are falling, buyers are hesitant, and financial uncertainties are causing properties to sit on the market for long periods of time. So what does this mean for 2019? And how do buyers and sellers alike adjust their strategies to progress in this shifting market?"

"Q: In 2018, the number of sales of Manhattan apartments declined along with the average price. Will this continue? A: I don’t think we’ve seen the bottom yet. The market has been strained from a variety of forces that exert significant pressure on it. Interest rates are on the rise, for example, inventory is saturated, financial markets in flux. These forces will continue to press on."

"Q: What is your take on the oversupply of high-end apartments on the market? It seems more lavish amenities and incentives are being offered to attract buyers."

"A: Oversupply is an extension of a bullish market, combined with shifting (both buyer and seller) confidence landscapes. It is also to a degree a result of previous over - confidence that the high-end market would jump on any product. Offering more lavish amenities and incentives to attract the changing buyer is a good technique, the question being to what extent the buyer will consider the extravagant incentives over pricing. In this market, the more the seller gives, the faster the property is likely to sell."