Image
Image
NYC real estate sales activity has never been greater and according to the Q3 results released yesterday, this past quarter reported a record-breaking 4,523 sales—the highest figure in 32 years with sales volume topping $9.5 billion. Closings were at their highest level in eight years as prices continue to slowly make their way back up and inventory is being driven down in many neighborhoods.

As we saw competition tighten, an increase in bidding wars, and discounts slowly fading away this summer, we suspected all along the market may be shifting to a seller’s market. The Q3 reports have not only confirmed our suspicions, but have demonstrated that the market is recovering much faster than expected.

While the pace of sales has been brisk and strong, Brown Harris Stevens Chief Economist, Greg Heym says this can’t continue forever. He says, “eventually the pent-up demand due to the pandemic will go away. We expect that next year's spring market will be a return to more 'normal' levels of activity.”

However buyers shouldn’t be dissuaded. As Brown Harris Stevens CEO Bess Freedman points out in our Third Quarter 2021 Residential Market Report, “Buyers can still find value, but the dramatic decline in both time on the market and negotiability make it clear that the fire sale has long ended.” And as I repeatedly, week after week, encourage people who are in a position to buy to act now, Jonathan Miller, CEO of Miller Samuel carefully points out that “a setback in coronavirus abatement and rising mortgage rates could also stunt momentum.”

Please reach out with any questions about the quarterly report and/or your real estate needs.
Image
Serjik "Serj" Markarian
Licensed Associate R. E. Broker
cell: 646 696 4078
Image
Image
My business is proudly built on referrals. Who do you know that I can help find their perfect home?
Image