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

We Have Fully Bounced Back to Pre-COVID Levels. Yahoo!

    Home Newsletter We Have Fully Bounced Back to Pre-COVID Levels. Yahoo!
    NextPrevious

    We Have Fully Bounced Back to Pre-COVID Levels. Yahoo!

    By admin | Newsletter | Comments are Closed | May 28, 2021 | 0

    We’re all in a jubilant mood these days.

    Masks are coming off.  Restaurants are Fully Opened.  Theatre is Returning.  Concerts are on the Calendar!  And the Real Estate Market has come roaring back.  Here’s a little tune to celebrate:

     

    The market hit the bottom around November 2020.  You can see where I called it HERE.

    In the meantime, for the last seven months, inventory has been falling.  It is finally at the same levels where it was in May 2020.  You can see that, across the board, inventory has completely retraced to its former levels.   Take a look here!    Every neighborhood, every price point.  The rubber band snapped back.

    The key distinction between pre-COVID and today is that transaction volume is up SO MUCH compared to then.  So even if the number of properties on the market is slightly higher than pre-COVID, there’s far more turnover than then.

    Just because inventory has returns to that level isn’t indicative of pricing, necessarily.  But what we have ALSO found is that pricing has completely returned to Pre-COVID levels.

    For us, this means that we are able now to ignore much of the 2020 “steals” and instead refer to 2019 sale prices for guidance to price new listings.  As we have more and more listings closing- considering that March saw over 1500 units go into contract, the most monthly since 2006, we should start to see these sale prices print en masse in the next 30-60 days.

    Once this happens, we can confidently price the market with lots of comparables.  It’ll be far more data-driven than it’s been in years!  This leads to more confidence and market momentum.

    Very good news for buyers and sellers who have been on the sidelines.  The market is better than it’s been in years, AND the pricing is still DOWN!

    Time to saddle up! -S

    No tags.

    NextPrevious

    Recent Blog Posts

    • (VIDEO) The Last Greatest Real Estate Deal in the United States (Hint: It’s Manhattan) June 29, 2022
    • (VIDEO) Our Big Win of the Month! “The Search” Goes Upper East Side June 29, 2022
    • What Are You Waiting For? Math of the Month- Mortgage Rates vs Sales Prices June 28, 2022
    • (VIDEO) Visionary Brokerage Is For Times Like These May 31, 2022
    • The New Waldorf-Astoria Towers – and The Resurgence of Midtown May 30, 2022
    • When You Can’t Let Go of Your Apartment- Or Your Stuff. May 30, 2022
    • (VIDEO) Trading Masks for Armor? The Battle For New York Real Estate is On. April 29, 2022
    • Miami Comes To New York- In The Form of Regulation April 27, 2022
    • My First New York City Real Estate Deal April 27, 2022
    • The Flight To Quality, and 4 Other Good Reasons Why the RE Market Stays Strong in 2022 in NYC March 30, 2022

    Archives

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

    © 2022 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