MARKET OVERVIEW

Please find the Sotheby’s International Realty 2023 Q1 report. As you look through, it is important to note that comparing Q1 ‘23 to Q1 ‘22 is a bit misleading, as ‘22 Q1 was an incredibly active quarter and we saw more real estate change hands than ever before. This was due to the pent up demand from buyers who had been on the sidelines during the depths of the pandemic who finally reemerged and went on a buying frenzy. The frenzy came to an abrupt halt in April of 2022 with the rise in interest rates and the drop in the financial markets. From April ‘22 to until very recently, we saw far far less real estate trade as buyers again retreated to the sidelines. It has only been in the past month or so that we have seen an increase in activity, with buyers now returning to the market.

One other observation from this report worth mentioning is that while Q1 of ‘23 was slow in almost all sectors, the ultra-high end, $10m and above, remained strong and this is reflected in the fact that the average sales price rose year over year. We attribute this to the fact that ultra-high-net-worth buyers have been undeterred by interest rate hikes as many purchase in all cash.

We appreciate the continued trust you place in us and our entire team. We value the opportunity to advise you, your family, colleagues & friends. Please always feel free to reach out to us with any questions.

Jeremy & Robin Stein

The Stein Team, #3 Sotheby’s Team Nationwide

SteinNewYork.com

JEREMY STEIN

Sr. Global Real Estate Advisor | Associate Broker 917.854.4411

Jeremy.Stein@sothebys.realty

ROBIN STEIN

Sr. Global Real Estate Advisor | Associate Broker 917.570.8386

Robin.Stein@sothebys.realty