Are you ready for the upcoming spring market?
In Manhattan, we have a supply of 1,337 which should be closer to 1,356 while contract numbers are 803 but should be closer to 931. This means that while we are still low in inventory, we are not far off from the regular flow despite the higher mortgage rates and other uncertainties. This can be partially attributed to the luxury market which has been doing very well and impacts the overall market numbers.
The luxury market in Manhattan starts at 4M and has seen 60% all-cash deals as of late.
In Brooklyn, we have supply that has started to outpace the numbers from last year, while demand has also been increasing. Despite this, the supply is still low and there is hope for more to come on in the spring. The current supply is 757 when it should be closer to 811 and contracts are at 540.
With the amount of supply in the boroughs low and contract numbers steady for this time of year, we will be entering the spring market with constraints. This lack of inventory as well as the higher interest rate market has already persuaded would-be buyers and sellers to either rent or stay put.
Due to this rental prices and availability are expected to be much higher this year throughout NYC.
Interest rates are currently at 6.85% according to Freddie Mac's US weekly avg. on
a 30-year fixed. Read more
here.
Let's discuss!
Are you planning to reach any real estate goals this spring,
whether that be buying, selling or renting?
My contact info is below.
Contract Numbers:
Manhattan had a total of 803 contracts signed.
Brooklyn had a total of 540 contracts signed.
