Summer is upon us and so begins one of the busiest and most exciting seasons in NYC real estate. The Big Apple's limited inventory reached a record quarterly low, but a surge of spring listings brought the number of condos for sale to 3,623 by the second quarter. Despite the increase, inventory level remains 6.7 percent below the same period last year.
For those that list now, expect top selling prices in record breaking time! What's causing this? Historically low interest rates, Wall Street bonus money, an influx of foreign money, and a decrease in unemployment - essentially making it an ideal time to sell.
Summer predictions: expect more inventory as homeowners who waited for the busy selling season to finally list with no relief in prices as buyer demand continues to drive price growth and fairly short times on the market.
If you are considering selling or buying, contact our sales team today.