The hottest real estate market in New York City‘s history is not a “sellers” market!
The hottest real estate market in New York City‘s history is not necessarily a “sellers” market...
We are currently experiencing the most active New York City real estate market ever recorded. More transactions have been signed and closed than at any point in the last 20 years.
Currently, there are over 5,400 units in contract. The luxury market has been recording 30-plus contracts signed in 26 out of the last 27 weeks. There was a point over the winter holidays and into spring when Manhattan was recording 400 or more contracts signed every week. This is unprecedented! This has never happened before. We discuss this market weekly; the word “ludicrous” has been used on several occasions.
My team (The Hoffman Team) has sold and closed 91 units so far this year. We have another 54 in contract and we have about 27 accepted offers about to sign, which, like the rest of the market, is unprecedented!
So, why can’t sellers sell for whatever price they want today?
Buyers have been levelheaded and rational throughout this entire COVID recovery market. They are not going for the properties that are priced too high — plain and simple. Inventory is trading at 2019 levels. The market has basically made up the 5 percent to 15 percent COVID discount of a year before. The primary difference between now and then is speed. If you price your property at 2019 pricing, you will sell the property extremely fast. Buyers in 2019 were still hemming and hawing and basically in indecision mode for months.
So why now? The prices are at the same level as 2019, so why are buyers buying today instead of back then? Interest rates are lower, that is true, but it’s also a psychological play coupled with low inventory. Families want the stability of homeownership. In a world that for the last year has been anything but normal, they want something stable in their life — they want a place to call “home”....If you are in the same boat and want somewhere to call “home” or want to sell your property “quickly”... let’s talk!
Local Events
Shakespeare in the Park
Come enjoy another one of New York’s exciting re-openings, free Shakespeare in Central Park. Performing in the heart of the city is a fresh and comedic adoption of Shakespeare’s “The Merry Wives of Windsor," directed by Saheem Ali. Let’s celebrate the return of New York and theater and fill The Delacorte with joy and life again! Click here for more details.
2021 US Tennis Open
The US Tennis Open is welcoming back fans at 100% capacity in one of New York’s nicest sporting venues, The Billie Jean King National Tennis Center (NTC). Come see players like Djokovich, Federer, Williams, and Halep in action and on the court in what's sure to be the best Open yet. All ticket categories are available, from reserved stadium seating to general admission passes! Click here to review the US Tennis Open Schedule, purchase tickets, view photo galleries, and more.
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If the idea of gardening in the summer isn't sitting well with you this year, or if you've just been too busy to actually start your garden, don't worry. The crisp fall season is a great time to grow a slew of vegetables and flowers!
The Best Places to Travel in August
Is there any month more tailor-made for a vacation than August? The peak of summer is the perfect time to jettison all 9-to-5 obligations and indulge in a trip. If you're hoping to squeeze in a vacation before Labor Day, here are nine of the best places to travel in August.
