The Spring Market Has Sprung
There was no winter hibernation this year for Digs and the NYC real estate market. The fabulous momentum generated throughout 2021 in the wake of the City’s awakening from Covid purgatory continued through New Year’s with a very active Q1, which saw the highest number of units ever sold during the first quarter!
But the world has recently thrown a number of Jacob deGrom curve balls into the mix, such as rampant inflation, geopolitical instability, rapidly rising interest rates, a stock market correction and record Wall Street bonuses, and we are starting to see some very interesting trends unfold in the market.
One of these trends is interest rate FOMO. There is a palpable fear among buyers that they will miss out on locking in the historically low mortgage interest rates that we have grown accustomed to over the past few years. This has increased demand and liquidity in the market, while inventory largely remained flat during Q1.
This high demand/low inventory market brings us to another common trend: bidding war fatigue. Who would have predicted this would be the case less than two years after news outlets and pundits around the world proclaimed the death of NYC? In this inventory-starved market, bidding wars have been a constant for a long time in many of our historic district sub-markets (where inventory is capped to begin with). This has lead to an increase in buyers really “going for it” and blowing the sale price out of the water, so to speak. We’ve had clients bid more than 15% over ask and still lose. This is being fueled, in part, by record Wall Street bonuses being rolled over into real estate purchases.
The overall effect of these new forces is not yet known, as real estate data is backward looking and closed sale prices are often 4-5 months old by the time they get recorded. Based on what we are seeing with our clients, we do not expect the recent rate increases (or looming future increases) to cool the current market in the near future.
Digs News
Coming off of our epic 2021, where we closed in excess of $175M in transactions, we have not yet slowed down in 2022, with over $75M of purchases and sales closed and in contract during Q1. We also hit a pretty awesome milestone this quarter, by eclipsing $500,000,000 in closed transactions since the Digs party began back in the fall of 2014!
As always, we would not be here without you. Thank you for your constant support, referrals and social media shout outs! We are forever grateful.
Digs Exclusive Sales and Rental Listings:
Check out our currently available exclusive listings. Please be in touch if you’re interested, or forward them along to anyone you know who might be!
Dumbo
70 Washington Street, 12A
2br/1.5ba Condo
$1,820,000
Learn more »
Upper East Side
200 East 84th Street, 8C
2br/2ba Co-op
$1,795,000
Learn more »
Upper West Side
61 West 62nd Street, 24J
2br/2ba Co-op
IN CONTRACT
$1,700,000
Learn more »
Morningside Heights
528 West 111th Street, #65
2br/2ba Co-op
IN CONTRACT
$1,350,000
Learn more »
Upper West Side
65 West 95th Street, 6A
2br/2ba Co-op
IN CONTRACT
$1,300,000
Learn more »
Upper East Side
120 East 86th Street, 3D
2br/1ba Co-op
$950,000
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Upper West Side
320 Central Park West, 8F
1br/1ba Co-op
IN CONTRACT
$875,000
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Upper West Side
147 West 105th Street, 5W
4br/1ba Co-op
IN CONTRACT
$850,000
Learn more »
Upper West Side
107 West 86th Street, 14E
1br/1ba Co-op
IN CONTRACT
$699,000
Learn more »
Upper West Side
145 West 105th Street, 2E
2br/1ba Co-op
ACCEPTED OFFER
$650,000
Learn more »
Morningside Heights
501 West 122nd Street, 3B
2br/1ba Co-op
$639,000
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Upper East Side
425 East 78th Street, 1A
1br/1ba Co-op w/ private patio
$630,000
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Upper West Side
145 West 105th Street, 1W
2br/1ba Co-op
IN CONTRACT
$550,000
Learn more »
Bed-Stuy
813 Jefferson Avenue, 2B
1br/1ba Condo
$575,000
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Chelsea
252 West 20th Street, 4C
Studio Co-op
IN CONTRACT
$485,000
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Coming Soon…
Although the world is not quite ready for these amazing apartments, we are going to be listing them as soon as we are able to and wanted to give you a sneak peak. Please do not hesitate to inquire.
Murray Hill
160 East 38th Street, 15D
2br/1ba Co-op
Price TBD
Brooklyn Heights
135 Willow Street, #904
2br/1ba Co-op
Price TBD
Kips Bay
201 East 28th Street, 17GH
2br/2ba Co-op w/ Private Terrace
Price TBD
Murray Hill
220 Madison Avenue, 8R
1br/1ba Co-op
Price TBD
Digs Realty Group is a full-service residential real estate brokerage company specializing in home purchases and sales in New York City, Westchester and Long Island. Clients working with Digs on a purchase are eligible for a rebate of up to 2% of the purchase price, and clients working with Digs on a sale are eligible for commission discounts. Since it was formed in 2014, Digs has closed in excess of $500,000,000 in purchase and sale transactions.
For more information…
Visit our Website • Email Digs • Call Digs
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