Image
Image
While we were expecting the momentum from the prior year to carry over into the first quarter of 2022, it did more than that by far exceeding our expectations with a record-breaking $7.3 billion in sales. This is the strongest start to any year, as Q1 closings were reported to be 44% higher than the previous year.

There was also a year-over-year 19% increase in the average price of a Manhattan apartment this past quarter. And according to the Miller Samuel report, this was the third consecutive quarter to see a record-high in sales.

According to Brown Harris Stevens’ just released 2022 Manhattan First Quarter Residential Market Report, apartments sold 28% faster than a year ago, pushing buyers to move more quickly. As Brown Harris Stevens CEO Bess Freedman points out, “The future looks bright for our market … With a record $45 billion in Wall Street bonuses paid last year, a recovering local economy, and the expected return of foreign buyers, the Manhattan real estate market is set for another strong year in 2022.”

In fact, Donna Olshan, President of Olshan Realty, told Mansion Global that “her expectation had always been that this year could not be like last year”, implying 2021 was an anomaly. However she now says, “If we can hover at the 30 [weekly contracts] mark or above, I think that’s a very solid market.”

We shall see how long the market can sustain this momentum. As I mentioned in last week’s email, the recent market shift we’re seeing indicates we’re returning to traditional selling patterns. With this in mind, summer—when market activity tends to slow down after a busy spring—should put this theory to the test.

Please reach out with any questions about the Q1 market report or any other real estate needs you may have.
Image
Serjik "Serj" Markarian
Licensed Associate R. E. Broker
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