Good afternoon!
We've officially made it to the start of summer and hope you all are enjoying every second of sunshine-albeit from a safe social distance.
Real estate never takes a vacation, though, and the market is heating up right in time for summer. There are many amazing properties to check out whether you are thinking of buying, renting, selling or just curious to see what the market has to offer.
In the meantime, New York City enters phase II of reopening which includes real estate showings but I can already feel the wheels begin to turn in the market and that unmatched New York energy start to churn.
As we continue to experience these unprecedented times, I'm here to provide valuable insights and information into the real estate market so you can stay educated and informed.
If you have any thoughts or questions please send them my way.
I'm here for you!
Stay safe, stay informed.
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It's no surprise that the global pandemic has had a deep impact on real estate. The pandemic prompted a dramatic decline in listings going under contract across every major Compass region, followed by an equally dramatic increase in these agreements after the region hit the bottom in mid-April.
Read more about the New York region on my website
Now let's take a look at the data:
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Contracts Signed vs. Date (for the last month)
A palpable and visible recent uptick in Contracts signed the past several weeks
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New Listings Added vs. Date (for the last month)
We continue to exhibit an uptick in Contracts signed the past several weeks
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Hopes are high for New York’s real estate reopening, as pent-up demand is expected to bolster activity
Buyers and sellers right now want to move on with their lives. The shelter at home has really made them more conscious of what they like in a home and what they don’t. People are now more motivated than ever to have a higher quality life in the home they live in. Read more about the article here.
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NYC home sales came to a halt this spring but things are about to change
The shutdown occurred during what is usually the busiest time of the year in New York City. As it opens up, there will be a burst of pent up demand and the numbers won't be as scary over the next couple months. We have surgically removed the spring market from the market and it is being dumped on a different time of the year: the summer. Read more about the article here.
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Phase 2 of Re-Opening
has Arrived in NYC!
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I'm excited to announce that we have entered Phase 2 of re-opening in New York City! With in-person real estate activities beginning to resume, we are excited to begin showing homes again and are taking measures to ensure that safety is our top priority.
Prior to exploring an in-person showing, I will do my best to show the property virtually first. If an in-person showing is appropriate, please find just a few of the safety best practices that will be adhered to below.
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To prioritize the health and safety of clients and brokers we will be adhering to:
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Wearing Protective Gear
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Maintaining a Minimum 6ft. distance
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Limiting the number Guests
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Virtual Services and Showings
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HOUSING INVENTORY IS LOW
Housing inventory is low here in NYC as well as nationwide which means there are fewer homes for buyers to choose from. There were 15.7% fewer homes for sale this March compared to 2019 according to realtor.com’s March Housing Report.
Additionally, median listing prices are up nationally at $320,000, 3.8% higher than in 2019. If economic conditions worsen, the pool of buyers might shrink and home prices could drop.
Why wait to sell when prices are possibly going to drop?
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DID YOU KNOW?
Nationally, homes sold in 60 days in March—four days more quickly than last year!
DID YOU KNOW? Interest rates are down and are expected to remain low throughout the year and there are many trends in the market showing good signs for sellers.
DID YOU KNOW? We are currently offering Virtual Agent Services to all of our clients. The suite of marketing and transactional services increases listing exposure while keeping all of our clients safe.
DID YOU KNOW? The Days on market count has been suspended here in NYC! If you are worried about DOM or your privacy consider posting your home as a Compass Private Exclusive. This will allow you to market your home to 15k+ agents in the Compass community, but keep your privacy to the market at large.
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Virtual NYC Pride Celebration
Although Pride Month will look a bit different this year, it will still be a celebration nonetheless! Instead of the colorful and energetic Manhattan march, this year’s parade will be a TV special with pre-recorded video from people’s homes, along with in-studio appearances. Celebrate by tuning in on June 28th from
12:00pm-2:00pm on WABC-7. Learn more here.
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NYC Enters Phase II this week, Opening Al Fresco, Playgrounds & More
Phase II allows for the reopening of outdoor dining at bars and restaurants, in-person retail, hair salons and barbershops (but not personal care services like nails or massages) and more office-based jobs, all at half capacity and with mandatory COVID safeguards in place like social distancing and facial coverings. While team sports like basketball and football remain prohibited. Read more here.
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222 West 14th Street, Unit 4C
Studio | 1 Bath | $929,000
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255 Hudson Street, Unit 8E
1 Bed | 1.5 Bath | $1,595,000
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570 Broome Street, Unit 17B
2 Bed | 2.5 Bath | $2,900,000
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76 Schermerhorn Street, Unit 7E
1 Bed | 1 Bath | $855,000
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88 Bleecker Street, Unit 4L
1 Bed | 1 Bath | $749,000
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1 Bed | 1 Bath | $750,000
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365 West 20th Street, Unit 5A
1 Bed | 1 Bath | $825,000
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60 Riverside Boulevard, Unit 2002
2 Bed | 2.5 Bath | $2,950,000
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© Compass 2020 ¦ All Rights Reserved by Compass ¦ Made in NYC
Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information 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. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage. All Coming Soon listings in NYC are simultaneously syndicated to the REBNY RLS. Compass makes no representation or guarantee that Coming Soons are available in your region, or that its use will result in the benefits described herein.
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