What A Roller Coaster!
Nobody thought that at the end of February and the dawn of the spring market that inventory would be diminishing, but that's exactly what we're seeing. Buyers are snatching up homes as soon as they come onto the market and last summer's COVID slowdown seems to be a distant memory.
While pricing is still a key factor in how quickly things will move, buyers are definitely on the hunt and ready to purchase. We were seeing 15, 18, 25 people at open houses by appointment. Of course, not all properties sell in one weekend. It can still take 30 to 45 days for buyers to cycle through listings before they make the offer but they are making offers and that's a far cry from six months ago (when we tied the recorded high total inventory volume). Today, inventory is shrinking, and it's buyers who are initiating the push.
That said, no one knows if this momentum will continue. As we move deeper into the spring market and more and more homes are listed, it remains to be seen if buyer's appetites will continue to consume that much product. But, something tells me the Manhattan marketplace (and New York City as a whole) is on the verge of roaring back. The luxury market is responding like it hasn't in half a decade. Which is a huge relief!
If you look at the bigger picture, before COVID, the real estate market gradually declined between 2015 to the end of 2019. We were just starting our cyclical climb back up when COVID hit. So, it feels like we're starting now where 2019 left off. The real estate market just forgot about 2020 and is jumping right into 2021! At least as far as activity is concerned.
No one knows what the future will bring, but I can tell you that it appears to be quite bright. Everybody in the industry is buzzing with transactions, deals, and energy so be sure you contact me to get in the game before you miss the boat!