Spring officially started a couple weeks ago but here in NYC we are just starting to experience the season. With every new season comes new opportunities and adventures. Spring is one of the best in my opinion, because it marks the beginning of new life blossoming and people stepping outside of their homes to enjoy the outdoors.
In addition, Spring has brought with it good news in the real estate market. Q1 demand in the luxury sector outpaced the record-breaking numbers from last year, indicating the market is poised for another strong year
--encouraging news for sellers, investors, and home buyers alike! We will delve into this and a few other topics below.
As always, please feel free to approach me with any questions you may have or with any of your real estate objectives, I am available to you! In the meantime, take this opportunity to visit a park, enjoy the flowers blooming, maybe explore a neighborhood you don't know that well--most importantly soak up this warm weather!
DB
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Q1 demand in the luxury sector outpaced the record-breaking numbers from last year pointing to another strong year.
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Supply continued to trend upward; for a third week in a row, we had a greater than 2% increase in total supply. Many of the buyers who have been short of options or finding themselves in bidding wars will be relieved that supply continues to increase.
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What’s next for the real estate market?
When the pandemic began, questions about the virus and public health prevailed. As time went on, people asked, “Where were you when the world shut down?”
For people who entered the real estate market in the latter part of 2020 and last year, the question became: “Where did you want to be?”
Last year several forces collided, resulting in a real estate market that smashed through previous records. Houses sold in mere days, prices skyrocketed and inventory sank to historic lows.
Demand accelerated as people sought more space amid continued work-from-home arrangements, and city dwellers from New York and Boston migrated here or sought second homes. Average prices for single-family homes increased nearly 13%, year-over-year, to $315,000.
Demand is likely to remain high in the next few months, as supply has dropped even further, real estate agents say. At the start of 2022, statewide inventory sat at less than a two-month supply, more than four months less than the typical market.
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The Whitney Biennial 2022 Exhibit:
Quiet as It's Kept
Introduced in 1932, the Whitney Biennial is one of the longest-running exhibits in Manhattan. Starting April 6th, come see over 3,000 influential artists and ideas come to life in the Biennial's 80th edition. This is one of the museum's signature events and one you will not want to miss.
To purchase tickets or learn more about the exhibit, click HERE.
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New York International Auto Show
From April 15th-24th.
You can enjoy the best that the automobile industry has to offer in the heart of the Big Apple! New York's international auto show will not only include a variety of luxury cars, but also one of the largest electric test track ever created.
To learn more about the auto show and ticket offerings, click HERE.
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Maximize the Value of Your Home or Investment
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Sell your home faster and for a higher price.
Compass Concierge is the hassle-free way to transform your home with zero upfront costs or interest. I'll work with you to
determine how we can maximize the value of your home by
taking advantage of select Compass Concierge Services.
With Concierge, you do not have to pay the initial out-of-pocket costs for home improvement services like painting, staging, flooring, and more.
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© Compass 2022 ¦ All Rights Reserved by Compass ¦ Made in NYC
Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. All Coming Soon listings in NYC are simultaneously syndicated to the REBNY RLS.
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