By Robert ‘Robb’ Pair
Welcome to the second Harlem Lofts Real Estate Update for Harlem World Magazine!
We keep a sharp focus on Seller representation in the townhouse and condominium markets while maintaining an extensive Buyer database.
This article focuses on factors that may drive recovery in the Upper Manhattan market.
As mentioned in last month’s column, after a busy year in 2021 the market now faces economic uncertainty and higher interest rates.
Townhouse inventory and Seller discounts have surged, and supply now outstrips demand.
Interestingly, our Research suggests that this imbalance is leading to signs of an uptick, led by lower-priced listings (Graphs 1-3, below)!
Graphs 1-3 analyze current Townhouse Listings, In-Contract Listings, and Sales by price (<$2M, $2-3M, $3-4M, >$4M):
- Note that of the 103 Listings currently on the market (high!), 68 (66%) are priced below $3M (Graph 1, left)
- Of the 10 In-Contract Listings (low!), 9 (90%) are priced below $3M (Graph 2, center, green asterisk, and bar)
- Of 95 Sales Oct 21 to Sept 22, 84 (88%) sold below $3M (Graph 3, right)!
These graphs show that the lower end of the Townhouse Market is dominating Listings, In-Contract Listings, and Sales.
The upper end of the Market (>$3M) has not yet followed suit.
This suggests that in the light of increased inventory and discounts, investors are starting to seek quality properties at discount prices amenable to cash purchases – a pattern that also drove the early recovery from COVID!
Needless to say, we are following this trend closely.
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- The Greater Harlem Real Estate Board
We hope you enjoy the article regarding the Upper Manhattan market! Our expertise in understanding the market put us in a unique position to help our clients. Future articles will focus on the Upper Manhattan condo and rental markets.
Robert ‘Robb’ Pair, Harlem Lofts Inc.
Harlem Lofts Inc. is a boutique real estate firm incorporated in 2002 by our founder Robert ‘Robb’ Pair. We are located in the former studio space of the famous Harlem Renaissance photographer, James Van Der Zee. The firm covers all major residential property transaction types in Upper Manhattan and is the acknowledged expert in Upper Manhattan real estate. Harlem Lofts Inc., 272 Lenox Avenue in Harlem, New York, 917.791.6986, firstname.lastname@example.org, https://harlemlofts.com/
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