Weekly New York City Real Estate Report
Luxury Market:
37 contracts were signed in the lux-market last week. A slight decline from the previous 4 weeks, but still a strong showing.
Supply:
Last week overall supply came in 3% lower at 7067 total units on the market. 414 units came on the market last week, which was roughly 25% lower than the week before. This might trigger some to think that the active season is winding down, but it’s most likely just a blip and supply should surge again next week. Good press about the vaccine/masks, requirements, press about a "hot" market, better weather and buyer demand will pull sellers to bring inventory on the market.
Pending Sales/Signed Contracts:
The parabolic move of signed contracts continues to astound those of us in the industry. 5124 units are now under contract. 393 contracts were signed last week-- for the first time in over a month signed contracts are under ludacris mode (400+ units signed in a single week) but it’s still extremely strong showing and only down 4% from the previous week. This has to beg the question: how long can this be sustained.
Transaction/Liquid Market:
This is not a price driven REsurgence in the market. We’re not seeing prices jump 30% like we’re seeing with signed contracts. Essentially, the current market has made up the Covid discount and pricing is at (roughly) 2019 levels. It’s not at 2015/16 levels, which was the height of the last sellers market. In the coming months of summer, when inventory could continue to come on the market but demand lessons, this surge could start to flatline. It will be interesting to see how the supply and demand, tug-of-war, plays out this summer.