With record-low inventory and high demand the New York City real estate market has not seen such an inventory decline in the past 12 years. We are now in a strong market for properly-priced quality listings across all market segments.
According to The Elliman Report’s Q1 survey, the number of apartments for sale has dropped a record 34.4%. It will now be a challenge to find buyers luxury or even more modestly priced apartments to call home. As customers dash to take advantage of low interest rates, bidding wars are now common.
As the old saying goes “the top of the market falls last and recovers first”. Luxury apartments are now expected to list for only 130 days, compared to an average of 218 days in the prior year quarter. Older listing inventory has been largely dissolved and developers are now creatively combining apartments in some of the city’s most prestigious buildings to meet market needs.
The Alexander Team has the pleasure of listing some of the most coveted apartments in Manhattan. With our vast industry knowledge and trophy listings we are capable of delivering what buyers, both foreign and domestic, currently desire.