Q1’2022 condo sales volume was up more than 50 percent vs a year ago. This marks the highest first quarter sales in 15 years of tracking. Various metrics show that we are now back to pre-pandemic levels. The strong sales numbers was driven by the (still) low mortgage rates although rates have been rising since 2021, pent up demand and overall optimism from reopening of the economy.
Meanwhile, the rental market is also strong as rental price per sqft increased 21 percent. Vacancy rate for March 2022 was 1.89 percent, compared to 11.25 percent a year ago. This is because of people moving back into Manhattan as companies no longer allow full time work-from-home.
Read full article here: New York Apartment Prices Q1, 2022
About:
Wei Min Tan is a Manhattan, New York property broker focusing on global investors of Manhattan condominiums. Wei Min has been interviewed by CNBC, CNN, Wall Street Journal and New York Times on the Manhattan property market. Wei Min can be reached at tan@castle-avenue.com
No comments:
Post a Comment