March 2023 - Is the Manhattan Market Turning Around?

The Overall Manhattan Market is Improving!

In a market favoring the buy side, we have been ... you guessed it ... working with buyers! This is what we are seeing:

The beginning of the new year marked an upward turnaround in supply. As of March 10th, 2023,
inventory is up 7.5% in the overall Manhattan market and brokers report that buyer activity is picking up.

In Pending Sales, the beginning of February was the low point and the number of contracts signed has jumped 17% since then.

Brokers are busy with showings, and signed contracts are up, coming up off the bottom of some very slow months. This may signal an emerging neutral market, with leverage shifting away from buyers.

After a swift and dramatic plunge during Summer 2022 caused by interest rate hikes, contracts signed have stabilized at approximately 2019 levels. This is a positive sign and also wakeup call for buyers that the market is turning around to the upside.

Featured Listings: Curated Collection of Upper East Side Prewar Co-ops from $6m to $9m.

OK, Great for Buyers, but...

How Do You SELL ...

In a Buyer's Market?

Paint, Stage ... and Price Realistically!

We just closed 901 Lexington Ave. 3S, where we achieved an accepted offer for our seller in 20 business days ... for an estate condition apartment ... how did we do this?

We worked with our seller to ensure that the asking price realistically reflected the work that needed to be done.

Before listing, we painted the entire apartment, installed selective new flooring, and staged with contemporary furniture.

The result? ... a rush of productive showings, offers and then ... SOLD!

Our seller took advantage of an interest free loan (up to $30,000) through Compass Concierge to pay for the staging.

Check out our Linktr.ee knowledge base:

How to prepare, price, market an estate sale.

Create Alternative Floorplans to Show Vision and Adaptability

We always create Alternative Floorplans to give buyers ideas and vision for the space.

Virtually Stage For Online Presentation

When we cannot fully stage, we work with our photographer and a virtual stager to prepare digitally staged versions of the photographs. We adjust the style to the neighborhood and building.

The buyer's first online viewing of a property is critical, and their vision has recently been shaped by their experience of new condominium development.

Contemporary buyers appreciate the clean, light, modern lifestyle reflecting current tastes.

We also have some Good News For Compass and The National Real Estate Market

Compass CEO Robert Reffkin appeared on CNBC "Squawk on the Street" in January saying that, in retrospect, we will see Q4 of 2022 as the "bottom of the market" and we go up from there.

Recently, this week, Robert explained the maintenance of prices nationwide, and predicted Compass should be cash flow positive by mid 2023.

Wishing you an early spring 2023!

With Gratitude,

Thor & Melissa

212 717 9717 Thor's mobile

917 922 8473 Melissa's mobile

@thorthors1

https://linktr.ee/thorthors1

Thors Team/Compass

2022 Q4 Market Report

Celebrating the 50 fastest growing companies in New York between 2018 and 2021.

COMPASS revenues grew 616% to over $6.42 Billion! Making us the biggest by far of the fastest growing companies in New York.

Thor & Melissa Thors

Thors Team / Compass

Lic. RE Salespersons

212 717 9717

thor.thors@compass.com

917 922 8473

melissa.thors@compass.com

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.