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The month of August is shaping up to be on par with previous months this summer, as robust sales activity continues to dominate the market. Record breaking numbers were reported mid-month for contracts signed, as demand continues to be exceptionally high compared to this same period in previous years since 2008. This has undoubtedly been an unusual year so nothing comes as a surprise. And while mask wearing is back in effect and proof of vaccination is being implemented, it doesn’t appear to be slowing things down—most likely due to the large vaccination rate, recent FDA approval on the vaccine and an imminent booster shot soon on its way.

The demand, as one would expect, has reduced inventory and it will most likely remain this way until mid-September, post the Jewish holidays, as is typically the case. And while Covid discounts are a thing of the past, prices remain fair and the likelihood of an increase is slim to none, despite the current demand. Market recovery will most likely remain steady, barring any unforeseen circumstances resulting from the pandemic or economic factors.

Sellers should recognize that pricing must remain reasonable, as inventory will soon be back up in less than a month. Instead, they should capitalize on the current demand now, before the supply volume increases. And although many companies and schools are returning to in-person settings this fall, we most likely will see the hybrid work-from-home and remote-learning model remain active, especially in light of the Delta variant’s impact on our city. Given this, there are buyers still seeking to upgrade into larger apartments and/or seeking outdoor space as a preemptive measure.

Whether you’re looking to sell or buy, I encourage you to factor in timing and weigh in all the points I’ve covered over the past couple of months. As we all know, things can turn on a dime, which is why I advise my clients to plan accordingly and have a contingency in place should things suddenly change. I’m happy to jump on a call to address any questions you may have about your real estate needs.
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Serjik "Serj" Markarian
Licensed Associate R. E. Broker
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My business is proudly built on referrals. Who do you know that I can help find their perfect home?
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