June Newsletter

 

Deer Friends,

 

Welcome to Summer!

 

Please enjoy my latest market update.
 

World events combined with a record-setting rise in Inflation as well as the increases in interest rates and the stock market which has officially entered bear territory means that navigating the market
requires calm confidence.

 

And how are all of these factors affecting the resiliency of New York City real estate?

In both Manhattan and Brook, inventory remains low. Brooklyn has been less affected than Manhattan based on the data below of (Contracts Signed for Douglas Elliman.

 

In Manhattan, June 1-15 2022 vs June 1-15 2021, the Number of Signed Contracts is down 34%, Sales Volume is down 21% and Medium Sales in Price are up 13.6% showing that the market is holding steady and even less than June 2021 when the market frenzy was with us, showing transactions are still happening,

 

For sellers, even though inventory is low, appropriate pricing remains as always the most relevant for a successful sale.

 

For buyers, the threat of further increases in interest rates combined with increased inflation could allow buyers as Chairman Powell said" a bit of reset until supply can catch up to demand.

 

Once more illustrates that investment in brick-and-mortar remains the safest hedge against inflation and market fluctuations.

 

$1,495,000 | Beds: 3 | Baths: 2 | Maint: $3,271 | Co-operative

Board Approved: Signed Contract over asking price.

 

15 Charles 5E

$1,575,000 | Beds: 1 | Baths: 1 | Condo

Sold at $2,350/sft - setting a record price for the building

 

As always, please don't hesitate to reach out to discuss your Real Estate needs - I would love to be of service.

 

All my best,
Keren