There have never been more office employees going into offices across the United States since the onset of the pandemic, but the in-office population is still less than half of pre-pandemic levels.
A record number of employees were back at the office for the week of March 30, according to Kastle Systems’ “Back to Work Barometer”. While that’s positive news for the office market, the level marked only 42 percent of pre-pandemic levels.
The share of workers back in the office was the highest in around three …
by Riccardo Ravasini
We reached a record-breaking number of closed sales, 3,585 to be exact, the highest registered in thirty-three years; up +45.9% year over year and +48.9% from pre-pandemic levels.
Listing inventory (the number of available properties on the market) declined 4.4% to 6,906. A decline that has been going on for several quarters. As the market returned to seasonality, the excess demand overpowering listing inventory was partially offset by the seasonal rise in supply.
Sales kept rising and listing inventory kept decreasing from the year-ago quarter. As a result, the months of supply (the metric that indicates the market’s pace) …
by Riccardo Ravasini 
Miami’s condo market, known for its booms and busts, is in the middle of a big boom that would typically be threatened by, inevitably, an oversupply of condos. But the dreaded trio of supply chain breakdowns, rising costs, and labor shortages pose the most significant hazard.
To offset rising construction costs and prepare for supply chain-induced shortages, some contractors and developers purchase materials and store them in warehouses earlier or modify sales contracts to account for changes to materials and appliances. And those measures may be more widely adopted now that a land war in Europe, and …
by Riccardo Ravasini 
Foreign purchases of US residential real estate dropped in 2021 to $54.4 billion….$11 billion less than in 2010 and down from $77.9 billion in 2019….down from 2017 when $153 billion was sold! In 2016 $102.6 billion was sold and in 2015 it was $103.9 billion. The threat of more restrictive foreign ownership restrictions and curtailed visas for foreign buyers along with covid travel restrictions decimated this audience. I expect they’ll return now – especially European buyers – seeking a safe haven in the USA.
(source: Leonard Steinberg – Compass)
by Riccardo Ravasini 
Condos built under the 421a tax abatement program, are starting to fade away to a point where there will eventually not be any more.
Created in 1971 to spur development in neglected neighborhoods of New York, the 421-a program allowed condo buildings to be exempted from millions of dollars in property taxes for 10 to 25 years, depending on location and other criteria. The program expired in 2016, but the tax breaks persist depending on when a building was built. Owners of 421-a apartments pay a fraction of the property’s full taxes during a period of exemption, …
by Riccardo Ravasini
There were 121 closings at $4 million and above in January 2022, 50 less than December. The Average Closing Price was $8,111,567 down -18%, meanwhile, the Median Closing Price was $6,125,797 down a nominal -0.4%. The Negotiability Factor, that is the average discount from the last asking price, was 4.55% down from 6.62% during the previous month. The pace of the market was basically unchanged since the Average Days On the Market were 155 compared to 153 for the properties that closed in December 2021.
Despite the 50 fewer sales, the median price and days on the market are practically unchanged, while the …
by Riccardo Ravasini