New York City Real Estate | NYC, NYNew York City Real Estate | NYC, NYNew York City Real Estate | NYC, NYNew York City Real Estate | NYC, NY
  • ABOUT
    • ABOUT SCOTT
    • ABOUT THE TEAM
    • PRESS
  • BUYERS
  • SELLERS
  • VIDEOS
  • LISTINGS
  • JOIN OUR TEAM
  • BLOG
  • CONTACT
  • CALL SCOTT NOW

I Sound Like A Broken Record, But Records Are Breaking (VIDEO)

    Home Newsletter I Sound Like A Broken Record, But Records Are Breaking (VIDEO)
    NextPrevious

    I Sound Like A Broken Record, But Records Are Breaking (VIDEO)

    By admin | Newsletter | Comments are Closed | June 23, 2021 | 0

    The timing could not be better to share our latest inventory report.  What you’ll notice in it is that that launching of new units to market cannot keep up with the pace of sales.  Our current market remains stronger than where we were this time in 2020.
    Across all price points, this market activity exceeds that of even the craziest months of 2005-2006.  This transactional pace is at least 50% higher than the busiest times I have ever seen, since I began in the business in 2002.  It is important to note that condominium supply is up between 20-30% year over year, and cooperative units are in many neighborhoods up more than 50%.  However, the pace of sales is so robust that it feels like there is not nearly enough inventory.

    Per our firm’s Chief Economist, Greg Heym:

    “While the number of contracts fell 3% to 356 last week, it was still a record amount for this week of the year.
    • The decline in contracts was fueled by new developments, which plunged 18% from the week ending June 12.
    • Contracts signed for co-ops rose 10% last week, while contracts for condos fell 19%.
    • Units priced above $5 million saw a 30% jump in signed contracts, the biggest increase of any price category.
    The luxury market is on a run that hasn’t happened, well, ever.  It’s a remarkable thing, to see inventory effectively drop for 8-9 months straight.   I called the bottom back in November.  It’s so gratifying to see where we are now.  All of this is happening within a market that is still 10% off peak.  With rates hovering closer to 2% than ever, is there any confusion about why there’s so much activity?
    And it seems like we’re just beginning.   Exciting Times! -Scott & HRT
    No tags.

    NextPrevious

    Recent Blog Posts

    • Deal of the Month: A Tale of Two Mortgage Rates in 2022 February 28, 2023
    • Do These 5 Things To Win In This Spring’s Housing Market February 27, 2023
    • Transparency in Cooperative Sales- A Fix That Would Work February 27, 2023
    • It’s Not A Demand Issue. It’s a Supply Issue. Why There Are So Few Apartments Right Now on the Market in NYC. February 27, 2023
    • The Mob Comes For E-Scooters and EBikes February 27, 2023
    • (VIDEO) Celebrating 150 Years In Residential Real Estate- And my 20th Anniversary, too. January 31, 2023
    • How to Make An Extra $1mm on the Sale of Your Townhouse January 30, 2023
    • What’s Going To Happen To All The Office Space In NYC? January 30, 2023
    • NYC, Manhattan, and The US: A Reversion To The Mean January 30, 2023
    • The Best Lead Measure in The NYC Housing Market Right Now January 30, 2023

    Archives

    Call us: (646) 400-0769
    Email us: sharris@bhsusa.com
    Visit us: Brown Harris Stevens
    1926 Broadway
    New York NY 10023

    © 2023 The Harris Residential Team. All rights reserved.
    • About Scott Harris
    • About the Team
    • Press
    • Buyers
    • Sellers
    • Videos
    • Listings
    • Blog
    • Contact
    • Call Scott Now
    • Brown Harris Stevens Fair Housing Policy
    • ABOUT
      • ABOUT SCOTT
      • ABOUT THE TEAM
      • PRESS
    • BUYERS
    • SELLERS
    • VIDEOS
    • LISTINGS
    • JOIN OUR TEAM
    • BLOG
    • CONTACT
    • CALL SCOTT NOW
    New York City Real Estate | NYC, NY