With a new year ahead, The Real Deal turned to appraisal expert Jonathan Miller for an overview of the Tri-state region’s residential sales market.
The president and CEO of Miller Samuel Real Estate Appraisers sat with TRD editor-in-chief Stuart Elliott to give an update on the recovery of the sales markets in the five boroughs, the suburbs outside the city and the Hamptons after the initial Covid-19 lockdown.
Manhattan’s market is continuing to struggle — what Miller refers to as a “slog” — with inventory peaking and contracts rising at a slow pace. The city’s condo market was hit particularly hard, and currently has about eight years worth of inventory to sell. According to Miller, a more balanced market would have two to two-and-a-half years of inventory.
“It is the outlier for the region,” Miller said. “The wealth and mobility that makes Manhattan a standout is the reason why people have been slow to return. On top of it, once the pandemic is over, we have to deal with what’s going to be leftover, which is caused by Zoom.”
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Brooklyn, on the other hand, has been a “rocket ship.” And the suburbs saw a boost as city residents fled — the Hamptons in particular. Miller has dubbed those markets “co-primary,” as residents are now seeing those areas as places they can live throughout the year.
Watch the full video above.