Real Estate Market Update
Phase 1 brought back confidence in the consumer enough to reactive the market and launch us into a full week of showings. The last 2 weeks have seen a flurry of activity, from an increased number of inquiries, to an increase in properties coming to market, and contracts getting signed.
The days on market count starts again this Monday, June 22nd. The entire period of SIP will count as 1 day on the market.
65% of new properties during SIP have come to market in June of which 25% of them came to market within the last week.
Of the 5 contracts signed between $10-25 million since Covid-19, four (4) contracts were signed in the last 2 weeks.
The sub $3 Million market showed most consistency with about 200 contracts signed per month over the last 3 months for a total of 606.
Market wide there has been an average of approximately 9% discount to pre SIP asking price.
The next few weeks will be interesting but we expect the following trends to continue:
Increased interest in boutique buildings and townhouses
Private outdoor space
Upgrading to larger apartments to accommodate a home office and/or home gym both in the sales and rental market
Return to historically residential neighborhoods- I predict a revival of the UES
Movement to rentals by the younger demographic looking to take advantage of competitive rental incentives
Tenants of luxury rental buildings looking to purchase their first time NYC apartments in an effort to take advantage of the low interest rates and supply
Don't worry we will keep you posted…