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Greetings,  

Things appear to be looking up for Manhattan real estate as we round out 2020. A recent market report by Brown Harris Stevens Chief Economist, Greg Heym, illustrates a steady increase in contracts signed since May, compared to the previous year. There were 18% more contracts signed this past month than in November 2019 which is very encouraging—yet the positive increases these last three months don’t necessarily indicate a lasting trend, so we will continue to monitor the market.

The report also showed that the lower end of the market is recovering more quickly than other segments. However, we’re encouraged by the recent volume of activity the luxury market experienced this past week with 17 high-end contracts signed. This is certainly a sure sign that the Manhattan market is on the mend and demonstrates how far we’ve come, even though we’re still keeping a close eye on what’s to come our way.

The December Inventory Report was just released and is reporting a decline in inventory levels for the second straight month, so this too, offers some confidence for a stronger 2021. Be sure to visit my site in January for the Q4 Market Report that will offer a more comprehensive look at this past quarter.

I hope this information gives you hope, as we say goodbye to a very tumultuous and challenging year.  

Be safe and happy holidays.

Btw, I wanted to remind you that our Helping Hands initiative in partnership with New York Cares 2020 Coat and Food Drive is still underway for anyone who is able to donate. Please visit this link for more details.

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Serjik ( Serj ) Markarian
Lic. Assoc. R.E. Broker
212.796.6110
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