Manhattan supply is increasing, which is normal for this time of year, and if there’s one constant, it is supply, which is in line with that of 2022, 2023 and 2024. 6,848 units are actively listed in Manhattan, up 9% from last month.
Our measure of demand is also buoyant. Monthly contract activity rose 29.5% from last month and 10.7% from March 2024. In fact, every price point saw double digit increases from last year at this time and mostly in the $10M+ category, where contract signings increased by 79%. This is our time! March and May are our busiest months in our busiest market, The Spring Market.
While too soon to predict effects of the tariffs other than that many New Yorkers were spooked in March, I will report on tangible impacts on our real estate market, if any, in the future. But if you are a seller considering a price amendment sooner or later, I would do it sooner rather than later. The average rate on a standard, 30-year fixed mortgage was 6.83% in the week ending April 17, up from 6.62% a week ago, the largest one-week jump in mortgage rates in nearly a year.
We are about to begin our busiest rental season, April 15-July 15 (as if the rental market hasn’t been busiest every month of the year!)
Keep cool and let’s discuss your best strategy for managing this market. I look forward to your call.
Best,
Jane
