The spring real estate market is here!
In Manhattan, we have a supply of 2,062 units which is above the average of 1,673 for this time of year. Contract numbers of 1,084 units are closing in on the average contracts signed of 1,140 units for this time of year. This shows that things are picking up much quicker than expected for spring and it's looking like this will be an active season despite macroeconomic impacts.
In Brooklyn, we have a supply of 1,002 units that is above the average number of units on the market at this time of year. Contracts signed are at 593 units and are keeping within the seasonal uptake of contracts signed in spring.
These optimal numbers are indicative of a stronger spring season than what we have had over the last few years. This is especially true for the studio and one bedroom market as 2-4+ beds are still struggling a bit.
It will be interesting to see what the rest of spring brings, as April is the strongest month for listings in the spring real estate market.
We also see this strength in the market within the rental sphere as well as rents have increased due to demand, etc. which lead Manhattan to reach a new record median rent of $4,500 which has never been seen before.
What to read more?
Interest rates are currently at 6.67% according to Freddie Mac's US weekly avg. on
a 30-year fixed. Click
here.
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Contract Numbers:
Manhattan had a total of 1,084 contracts signed.
Brooklyn had a total of 593 contracts signed.
