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Here is a look at what we have been up to so far this Spring (in addition to sprouting my first grey hairs in order to get here)...
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Sneak Peak of Upcoming Listings
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2 BD 2 BA 0 SF $2,400,000
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2 BD 2 BA 1141 SF $1,950,000
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4 BD 3 BA 0 SF $2,250,000
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2 BD 3 BA 1500 SF $2,250,000
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2 BD 2 BA 0 SF $2,700,000
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2 BD 3 BA 2000 SF $2,750,000
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At the close of last week, Manhattan “supply” was at 6,924 listings on the market. We usually see that number peak around 7,500 by June each year, and inventory is coming on the market a bit more quickly than usual.
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969 contracts were signed last week, down 8% from the week before. The weekly contract signed number is usually 1,088 by the end of April, so we are coming in light. Knowing this insider intel which shows that this is likely the strongest that the market is going to get for the year, how do we advise our sellers? We are discussing any necessary price reductions now, rather than waiting until May when there is traditionally more competition and less buyer activity. And buyers can afford to play a little hard ball on certain listings.
We are also seeing an increase in all-cash deals. In the first quarter of the year, 63% of Manhattan homes were purchased in all-cash (46.8% of those were luxury homes over $4m) which is the highest percentage of cash purchases in a decade.
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We keep our finger on the macro-pulse of the Manhattan market, analyzed down to the specific neighborhood and property type and bedroom count, allowing us to provide the most accurate valuations for both buyers and sellers. Reach out to us anytime for a customized update!
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Licensed Real Estate Salesperson Licensed as Carlin Kathleen Wright
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Office: 646-982-0353
Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. All Coming Soon listings in NYC are simultaneously syndicated to the REBNY RLS. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.
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