Fall for NYC

Oct 5

Dear Friends and Family,

Compass just released the Q3 2021 Manhattan Market Report and overall results exemplify strong consumer confidence and dismiss the false narrative that the City is dead. In the third quarter, sales surged to levels we haven't seen since 2013, and most importantly the median purchase price increased by 6%, signaling price recovery in the market. Co-op sales grew during the quarter as buyers sought "value" while condo sales declined slightly as sellers cut back negotiability. Buyers were inspired to act swiftly during the quarter due to tight inventory levels resulting from the record-breaking second quarter and the 30% decline in new listings year-over-year.

Looking ahead, we expect a strong fourth quarter as the velocity of deal activity this year has led to a decline in active inventory and the super-heated rental market is driving consumers to consider buying as an affordable alternative while interest rates remain low. Most notable for the last quarter, we expect the return of foreign buyers when the U.S. borders reopen in November for over 30 countries which will contribute to healthy buyer demand. The complete Q3 2021 Manhattan Market Report is available to you below.

There's no better time than Fall in the City, and this year is certain to be one we'll remember with many returning to the City, Broadway theaters reopening, and pre-pandemic activities resuming thanks to our high vaccination rate and adherence to safety protocols. Check out some of my top Fall picks below.

We at Compass have the privilege to represent beautiful homes and their buyers throughout the entire country. This means that together, we can help you and your loved ones with these important decisions in New York City and beyond. I am honored that 97% of my new business comes from past clients and personal referrals, and I would love to discuss your current and future real estate goals. Please don't hesitate to reach out, I'm here.

All the best,