Following suit with most New Yorkers, the real estate market remains hopeful. The Q3 report shows us this exact grit and hope as we climb back from the height of the Covid-19 Pandemic.
Overall sales were down 36% this quarter but there are some bright spots that have us looking forward. Showings and listings are up from last quarter as both our realtors and our clients adapted to this new normal with features like virtual tours and virtual open houses along with moving many of the processes online making it all a little bit easier for all involved.
Sales on average are as follows: The average price for Condo sales were $3,204,476 , for Co-Op sales $1,292,232 and House Sales were $2,298,244 with the average days on the market coming in at 194 days. Condos and Co-ops saw some great discounts and Condos with two, three and four bedrooms were notably more in demand.
2020 has been a historical year for a lot of reasons. It has also brought us historically low interest rates and very competitive prices. Manhattan hasn’t seen a buyers market like this since post 2008, meaning the time is right.
We’re encouraged by these numbers, by our clients and by the undimming spirit of New Yorkers.
