By JOSEPH DE LA CRUZ
The housing market has been one of the few successful industries since the pandemic began in March 2020.
While many have migrated to states like Florida, Texas and Georgia, New York’s housing market has seen a surge in inventory and an even bigger jump in sales.
Two years later, one wonders how the housing market is doing now that the world is learning to live with the virus and move on.
If you thought inflation, rising gas prices and a Ukrainian-Russian war would slow down the housing market in the region, you were wrong.
At least that’s what some real estate experts and data might suggest.
“In the 50 years of our business, this is by far the strongest sales market we’ve had, both in terms of volume and price,” said Pamela Trebach, Associate Licensed Real Estate Broker. of Trebach Realty Inc. “I haven’t noticed a drop in sales. In fact, homes that are priced appropriately sell immediately. We sell properties even before they are listed.
But why is real estate doing so well when every other industry seems to be struggling? Trebach thinks it could be a combination of the right things happening at the right time.
“Since the lockdown, there has been a surge of buyers with renewed confidence fueled by the surging labor market and historically low interest rates that only recently started to rise,” Trebach said. “Rents have increased dramatically in Manhattan, and that generally benefits Riverdale in terms of people looking for more reasonable rents and more space, not to mention anyone deciding it’s finally time to buy. “
The market could be in a buying frenzy triggered by events following the pandemic, particularly employees working from home. But Trebach is convinced that’s not the only reason homes are still selling, even at higher prices.
In fact, the realtor pointed out that some features homebuyers were looking for during the height of the pandemic are no longer as highly desired as they were just a year ago.
“As more and more people return to work in their offices, the focus on flexible home workspace has diminished somewhat,” she said. “And there is less talk about the appeal of locking things like patios with heaters. And during screenings, people are no longer concerned about sanitizing and masking and (the) fear of getting on elevators with other people.
It’s a signal that “working from home” isn’t as influential as it once was when buyers considered the value of a home.
Many buyers still want the many features of a home, whether or not it is “pandemic proof”.
“Last year there was a lot more emphasis on Zoom Rooms (for virtual meetings), home gyms, distance learning, and swimming pools,” Trebach said. “Buyers and renters were looking for apartments and houses that not only offered an additional home office, but in many cases two. It’s always like that. »
It’s not just a trend that Trebach Realty is experiencing. Other real estate agencies say the same thing.
For example, the Douglas Elliman report states in its first quarter report that “overall price and sales trends have continued to rise” despite all the economic problems the country is currently facing.
In fact, data from Elliman showed that the number of sales in the region increased each year for the fifth consecutive quarter.
Like the trend in this data, listing inventory also rose year-over-year for the sixth time in seven quarters.
These trends continue to rise even though the last decline in the year-over-year median selling price was in the third quarter of 2020, according to the Elliman report.
These trends continue to rise even though the last time the median selling price declined year-over-year was in the third quarter of 2020, when it was $300,000, according to the report. Elliman.
This year, median sale prices are up to $330,000, up 1.2% from the same period last year. However, they fell nearly 10% from March, when the median price was $365,000.
However, increased sales throughout the Bronx, unlike the greater Riverdale area, caused home sales to decline slightly by just over 1%, according to NYSAR.
It’s a trend that makes the Riverdale area a standout in the housing market within the borough.
“I think real estate in Riverdale has been very successful during the pandemic because buyers have been able to find properties that offer more indoor and outdoor space than they would find in Manhattan, Brooklyn and Queens,” said said Trebach.