{March 2021} The Spring Market Arrives with Force

I just received my first shot of vaccine! Definitely feels like a milestone after a long journey chugging along with my head down. The mood of the market is also an elevated one. The one-bedroom market under 1mm in Brooklyn is absolutely on fire. Almost every apartment in that submarket is sold in a bidding war with more than 5 offers after one week on the market. The Manhattan market is catching up but the supply (at 14.7 months) is keeping a lid on the prices for now. But the level of activities is very high – over 1500 listings went into contract in Manhattan alone, compared to 654 last March 1005 in March 2019 and 1130 in March 2018. We are also hearing that many people now have more concrete plans of returning to the city. As a result, the rental market is also recovering with less incentives being offered now. Overall, the NYC real estate market is slowly but surely picking itself up from the depth of the pandemic (with the exception of the under 1mm market in Brooklyn, where you need to be the bravest soul in the crowd to buy).

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