October 20, 2021
Real Estate

West Side Rag » Manhattan Real Estate Update: Buyers are Seizing Opportunities

Posted on October 9, 2021 at 10:56 am by West Sider


Buyers are jumping in before the water gets cold again…

It’s been two months since my last report, as there was actually not much to report, except that we have experienced a return to “seasonality”…meaning August and September reflected a slowdown. But do not be confused, the market is still running at a higher pace than years past. Q3 of this year saw the number of closings hit an 8-year high, with resale prices up 3% over the prior quarter and 17% more than a year ago. These results were purely driven by the supply and demand principle.

Demand outpaced supply. One year ago there were some 9,500 available properties on the market; that dropped below 5,900 by the end of summer, according to UrbanDigs . This occurred because sellers had to adjust prices to meet what buyers demanded;…

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