Boroughs & Burbs 48: Zoom On the Q1 Market Report for Real Estate in New York & Connecticut - So Hot

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Manage episode 326263720 series 2814073
By John Engel and Roberto Cabrera, John Engel, and Roberto Cabrera. Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio is streamed directly from their servers. Hit the Subscribe button to track updates in Player FM, or paste the feed URL into other podcast apps.

Review of the First Quarter Market Report
New York and Connecticut
"Sales in Manhattan continued on a tear, setting records for the third straight quarter as the market catches up with the region. The quarter saw the highest number of sales for a first quarter in thirty-three years of tracking. Overall price trend indicators were higher than in the same period before the pandemic. Bidding war market share rose to the highest level in four years for the fourth straight quarter. Co-op median sales price posted significant annual gains for the fifth consecutive quarter and was higher than pre-pandemic levels. Condo sales were up by more than fifty percent annually to reach the most first-quarter sales in fifteen years of tracking. Luxury listing inventory fell annually for the third straight quarter and remained below pre-pandemic levels. The luxury market saw the second-highest market share of bidding wars in five years of tracking. New development price trend indicators continued to remain well below pre-pandemic levels. New development sales were nearly double year-ago levels, the fourth straight quarter of significant annual increases" says Jonathan Miller at https://www.elliman.com/corporate-resources/market-reports.
click here for Brown Harris Stevens Manhattan Report
https://media.bhsusa.com/pdf/reports/manhattan_1q22.pdf
scroll down for Brown Harris Stevens Connecticut Report
https://media.bhsusa.com/pdf/1Q2022CTMarketReport.pdf
click here for William Pitt Sothebys Fairfield County Report
https://media.bhsusa.com/pdf/1Q2022CTMarketReport.pdf
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Lower Fairfield County at a Glance:
The market remains hot, even if buyer demand continues to far outpace available inventory. Here are some key first-quarter stats for Lower Fairfield County as a whole:
1,229 – The number of active houses and condos on the market, a 43% drop from the same time a year ago.
946 – The number of closed houses, the second-most for the quarter since 2007, although also a 29% decrease from the unprecedented high sales volume of the first quarter of 2021.
395 – the number of closed condos, the second-highest figure for the quarter since 2006.
101.2% The percent of the list price houses sold for on average, 2.5% higher than the same time last year and the fourth-straight quarter where the average close-to-list price ratio was over 100%. Condo buyers paid on average 100% of the asking price, the highest close-to-list price ratio for condos for a quarter in the past two decades.
85 – The average cumulative days on market for closed houses, 26% fewer days than a year ago. The average for condos closings was 74 days, 38% fewer days than the first quarter of 2021.
$1.45M - The average house sales price for the quarter, up 8% from the first quarter of last year. The average condo sale price increased to $500K, the highest it’s been in at least the past two decades.

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