I have not made New Year’s resolutions in years.  Instead, I have “intentions” and for this year those intentions include: 1 Keeping in better touch my with friends; 2. Spending less time watching television and more time reading; and 3. Eating less and more healthily.  From a business perspective, I am looking to add 1 or 2 more sharp real estate agents to my team (if you know of anyone!), my team and I are fully committed to delivering five-star service to our clients, and we intend to assist at least 100 individuals and families with their real estate needs throughout the year.   

The 2022 New York market was incredibly robust during the first quarter (carrying over from a similar market at the end of 2021) but the second half of the year was just the opposite.  Part of the “hotness” was due to the fact that we were coming off of a very sluggish 2020 while much of the country was experiencing a historic boom throughout the pandemic (the NYC real estate market marches to its own drum).  In many instances, sellers were pricing their properties in the second half of the year as if it was still the first half of the year which triggered a standoff between buyers and sellers resulting in declining sales volume (amongst other things). 

Deals continued to be made throughout the year but the larger majority were below $3 million.  But like so many things in the current NYC market there were anomalies such as renovated, well-priced apartments going into bidding wars and the 16.9 percent sales volume surge in the fourth quarter of apartments between $10 million and $20 million. The fourth quarter overall showed a 27.4% year-over-year decline in contract activity signaling a further shift or “recalibration.” 

There are tremendous opportunities for buyers right now with less competition and incredible values (particularly in certain market segments).  But there are also opportunities for sellers especially if you are buying and selling in the same market or upsizing. Although many have opinions, no one can truly predict what will happen in the 2023 market.  We only know here and now (and of course the past) which is why it has never been as important to work with a seasoned, empathic, and knowledgeable broker if you are looking to buy or sell in this market.