Happy New Year!
The election dust has settled, the holidays have passed and a new year has begun. We bid adieu to our current president, and shortly, will inaugurate a new one. But before we plunge headlong into the rest of 2017 — sure to be an interesting year — let's pause and take a look back at the end of 2016.
Compass recently released its Q4 2016 Manhattan Market Report, and the results show a marketplace in flux and influenced by real-world events, namely the election and the Fed's long-expected decision to raise interest rates. Some key findings from the report include:
- Overall, closings were down year-over-year, but much of that slowdown might be attributable to a collective holding of breath before the election. Compass data finds that there were 24 percent more contracts signed in the four weeks after the election (837) than in the four weeks before the election (677).
- Inventory, especially in the condo market, continues to be out of pace with current consumer demand with units priced above $3 million comprising 29 percent of total inventory, but only 15 percent of signed contracts.
- Asking and closing prices continued to trend up at a significant pace, meaning that while total annual closing numbers were down from 2015, total sales volume was down a mere 3 percent for 2016 ($24.4 billion) compared to 2015 ($25.2 billion).
While post-election activity ended the year on the upswing, the potential impact of the new administration leaves us with more questions than answers, making it more important than ever to make smart, informed real estate choices in the coming months.
Stay Tuned, Coming January 17th....
Hot Off The Press:
"Compass is building the first modern real estate platform, pairing the industry's top talent with technology to make the search and sell experience intelligent and seamless. "
As part of our promise to offer a more intelligent and seamless real estate experience, we’ve launched Market Insights HERE. You can gain timely insights about your local market by scrolling down the page and entering your ZIP code.
With Market Insights, here’s what we’re offering:
- Gain the following high-level insights based on your ZIP code
- Percent change in home sales for the previous two quarters
- Trends in home sales over the past eight quarters
- Pricing patterns for properties per square foot
- Feel free to share the report by email address or even post it to your social networks