Great Expectations for Fall
September 17, 2021
With Labor Day and Rosh Hashanah coinciding on this year's calendar, it’s no surprise that the number of new offerings dropped last week, making 8 consecutive weeks of shrinking new inventory. What’s eye-popping is that 27 contracts over $4M were signed last week, with condos outselling co-ops by nearly 4:1. Even more surprising, the previous week from August 23-29 saw 23 luxury contracts inked with 5:1 condos to co-ops and 9 townhouses, the largest number of TH contracts since Donna Olshan began tracking this $4M+ market segment in 2006 and the strongest pre-Labor Day week since 2014. It was the sixth month in a row for record high contract activity.
We anticipate a healthy fall season with high energy, a buoyant mood and great expectations for the fall residential market. A wave of new listings is in the works. The word from our vendors is that photographers are backed up, stagers are running short of furnishings, and even ceiling flush mount lighting fixtures are on backorder.
A thinning inventory supply has led to fierce competition with properties selling at ask, close to ask or over. This is the moment to enter the market. The range of purchaser profiles is vast. The over $10M market is gaining substantial steam and accelerating, just in time for the international set to make a comeback. Large numbers of residents who left the city because of the pandemic are returning. New Yorkers are trading up to accomodate more flexible WFH lifestyles. Empty nesters are moving from their Westchester estates to 5th Avenue co-ops. Young talent is eager to seize opportunities for new startup businesses in the Big Apple. Demand is on the uptick.
Will the fall season match the surge of new listings that came in May? Maybe. Here’s one new offering not to be missed:
Coming soon, 340 East 72nd Street, Apartment 13F
Shirley Hackel, NYRS®
shirley.hackel@compass.com | (914) 980-0371