{May 2020} Busy Summer Expected for NYC Real Estate
Yesterday morning my older daughter and I waited for the SpaceX astronauts to open the hatch to enter the ISS and read this together:
“There comes a time when one must take a position that is neither safe nor political nor popular, but he must take it because his conscience tells him it is right.
The ultimate measure of a man is not where he stands in moments of comfort and convenience, but where he stands at times of challenge and controversy.
We will remember not the words of our enemies, but the silence of our friends.
Nonviolence is a powerful and just weapon. Indeed, it is a weapon unique in history, which cuts without wounding and ennobles the man who wields it.”
-- Martin Luther King Jr.
The NYC real estate market continued to feel warmer in terms of inquiries, even though May was an abysmal month from a data standpoint: only 25% as many listings hit the market and only 10% as many listings went into contract this May, compared to last May. However, our industry is expecting a very busy summer once we reopen, hopefully in the 3rd week of June. The Mortgage Bankers Association (MBA) said its Purchase Index increased 8.6% from a week earlier. It was the sixth consecutive weekly gain and a 54% surge since early April. The real estate industry was expected to lead the recovery. Compass’ California office had its busiest weekend in history after they reopened.
The NYC real estate market was the tale of two cities in October. Total transaction volume ticked higher, even though rates moved higher and sentiment was tense. Most of our new clients were understandably quiet. But quite a few of our repeat clients, the real estate veterans, were busy putting deals together.