It's official - Spring is here! New Yorkers are fully embracing this marvelous weather with trips to the park and sunny afternoon strolls. As predicted, the Spring real estate market is off to a very strong start with shrinking supply and increasing demand.
January 2022 rounded out an impeccable year of booming market activity and the trend continued in February with decreasing Covid-19 cases and a growing independence from the constraints of the pandemic. People are clearly excited to return to a full life in New York City.
Early demand during February proved the expectation that New York is heading into a strong Spring season.
- Luxury (<$4 million) – 244 contracts were signed during the first two months of the year - the strongest start of any year since tracking began in 2006.
- Bidding Wars – Nearly 30% of Condos and Coops across all price sectors sold at ask and above the asking price.
- Negotiability – The discount from last asking price fell sharply for Condos and dropped in half for Coops as sellers found less competition from their neighbors.
- Rental Prices – Rents are UP UP UP which means true price appreciation in the sales market is imminent.
If you are considering a purchase, now is the time to secure your dream home. Mortgage rates are back to 2019 levels (around 4%) and sales volume is comparable to the 2021 market. If you are considering selling, now would be the time to list your home - we are just at the beginning of the season, and still have time to prepare for a perfect Spring launch.