Leaders from Compass, Related and Sotheby’s Weigh in on State of the Market, What’s in Store for Q1 and Beyond
NEW YORK, NY / ACCESSWIRE / January 20, 2023 / The Hudson Gateway Association of Realtors, Inc. (HGAR) and OneKey® MLS hosted a virtual panel last week featuring real estate experts who discussed trends and predictions for New York’s housing market. Leaders from Related Cos., Compass and Sotheby’s discussed sales activity, property valuations, foreign investments and other factors influencing the market heading into 2023.
“If you look solely at the numbers and compare 2022 to 2021, it looks grim, but you have to give it context,” said Richard Haggerty, CEO of OneKey® MLS, the regional multiple listing service that covers nearly a dozen counties in the greater NYC area from Manhattan, to Suffolk, Westchester and Sullivan.
“While the numbers are down about 30 percent, we have to focus on two things: We lost all seasonality to the market during the 2020/2021 years, when we had a rush of activity. That wasn’t sustainable,” Haggerty said. “Also, buyers were taking a pause at the end of 2022 as interest rates were going up. It’s what we expected. Now, we’re seeing interest rates come down, more normalcy and a return to seasonality.”
“New Year, New York: An In-Depth Look at NY’s Real Estate Market for 2023” featured Kevin Brown, senior global real estate advisor at Sotheby’s International Realty; Elizabeth Stribling-Kivlan, senior managing director at Compass; and Sherry Tobak, senior vice president of Related Cos., who oversees sales at Hudson Yards. The event was moderated by Brian D. Tormey, NTP, president of TitleVest, a leading NYC-based provider of title insurance and related real estate services.
The panel weighed in on 2022 statistics, economic factors, interest rates, inflation, and the shift from a buyer’s to seller’s market, plus they offered