April Market Update
Things can change in a New York minute; and in the case of the current pandemic – that is truer than ever. As New Yorkers, we’ve been hard hit by this pandemic, and as residents of the big apple, we have done what we always do: shown that we are resilient, and that in times of crisis, we come together.
The LevinKong Team has always strived to serve. In more “normal” times, that has meant assisting our clients, our community, and those in need. During this time, however, we have been contemplating what it really means to be an American and to serve. We have made financial contributions and donations, and have offered to help those at risk. But when it comes down to the backbone of our society – it’s the frontline healthcare workers, first responders, and the almost 100,000 volunteers (to date) on the frontlines in New York, that are bravely risking it all to forge a path for a better tomorrow.
While these are trying times, to the say the least, we are New Yorkers and have overcome enormous adversities before. We will triumph again. Our number one priority right now is to make sure our families, clients, friends and colleagues are safe and healthy, and that our community is well positioned to rebound as strongly as possible.
There was a renewed strength in our real estate market in the first quarter of 2020. The percent of listed inventory that was in contract was up an astounding 25% year over year. Of course, most of that momentum is on hold, and real estate is not on the forefront of everyone’s mind, which is a rare occurrence in NYC. We have had contracts signed, and even a couple closings, but, in general, it is a trickle of what it would otherwise be during our active spring market.
One thing we can all rest assured about is that New York will always be in demand. That demand will be backloaded, opportunities will emerge, and real estate wealth will need to be protected and created. For this reason, we are keeping a close eye on the lending environment, the economy, and our local real estate market as a whole. We are always available to you, whether it is real estate related, to be a resource connecting you to service providers, or to take a much needed break from the seemingly endless Zoom conferences and pressures of this situation. We are just a phone call away.
Please consider us a resource during these difficult times. We are thinking of and praying for our community and look forward to helping you achieve success through real estate during and after this period in our shared history. Please stay safe, and together, we will come out stronger on the other side! That’s our Empire State of mind.
Lastly, we want to wish all who are observing our best wishes during the holidays!