The Residential Real Estate Market Is Back!
Q2 data delivered new indicators of a recovering market. With inventory depleting, vaccination
rates reaching over 70%, an expanded buyer pool and increased personal wealth, buyers are again out shopping. Lower prices, attractive interest rates, rising confidence drove contracts higher. Sales activity skyrocketed to its highest quarterly total in 6 years; up 42% versus last quarter and up 126% year-over-year.
- Co-op sales surged at the highest rate in 11 yrs.
- New Development hit highest level in 3 yrs.
- Sales <$5 million rose 150.8% year over year.
- Sales >$5 million rose 168.4% year over year.
The city is booming. The resilience of New York is strong with renewed optimism all-around.