Monthly Update - November 2016

BvTq0HoC.jpg

October started with depressing news that the Q3 New York real estate numbers were 15 to 20 percent lower year over year compared to Q3 2015, according to a Bloomberg article and numerous reports.

This caused an already skittish September to decline into an outright dead first two weeks of October. But as news of a dead and/or dying New York City market spread, buyers picked up on the trend and started to get active again and fast! It was quite interesting to see the talk around the water cooler go from, "How are you finding this market?" to "Isn’t this market great?!"

I do, however, have to balance this renewed interest from sellers with the fact that prices and transaction numbers are still lower, but at least this isn’t the stand still that was happening in September and the early part of October.

Was it election blues or something else that is triggering buyers to hold off and sellers to panic a bit? Hard to tell, and although the market is moving again, this year's unpredictable twists and turns make November and December’s performance anyone's guess. Interest rates have been inching up as of late, and although it's unlikely the Fed will raise rates at this week's meeting, a rate hike will come eventually.

The markets seem delicate, like anything might set them into a tailspin. But always remember, "Where there is a will, there is a buyer!" Meaning, if you're a seller, and you want to sell, buyers are out there competing for property. And if you're a buyer, sellers are out on the market ready to go. And I'm out there encouraging transactions at every turn, because the fact remains that New York City real estate, over a 10-year period, beats Wall Street by double-digit returns on average.

So, get out there and become a property owner — it’s well worth it, even when things may seem shaky.


Just Released! 

Q3 2016 Manhattan Report

October's Inventory Numbers

   Hot Off The Press!    COMPASS Q3 Market Report  Request A Copy HERE

Hot Off The Press!

COMPASS Q3 Market Report
Request A Copy HERE

 From a 47% increase in September, October saw a dip of new inventory of 25% month over month. However only 7% of October's new inventory went into contract over Septembers 18%.

From a 47% increase in September, October saw a dip of new inventory of 25% month over month. However only 7% of October's new inventory went into contract over Septembers 18%.


The Hoffman Team's Active Listings


Two Compass agents just sold an amazing $21.8M property in SF’s Pacific Heights. 

 

 

Team Press

  • Fit to Print: An Industrial Chic Aesthetic in the West Village
    New York Observer |  Read Full Article

unnamed.gif

Out TODAY!

 

Fresh off the press today, The Gathering Issue of The Compass Quarterly.

 

Request Your Copy HERE

 

 


Think You Know What Your Home Is Worth?
Lets see about that, click HERE and receive a comprehensive up-to-date CMA Valuation Report.