Spring is a late bloomer this year in NYC.
Supply has finally started to go up and gain traction. While that is great news, an individual buyer will still face less supply for their individual searches even with this bit of reprieve. March is traditionally our best month in the spring for contract signings and market movement. This year it was no different but was still constrained by low supply. May is the second-best month for market movement in the spring, and we are seeing much better numbers and confidence than we saw in March due to the rise in supply of units for sale.
Now with that being said, I have gotten a few questions on how private listings can impact the macro trends of the market and so far, the typical number of private listings is around 500 units in NYC. This number has been pretty steady for the last several years, therefore making it not statistically meaningful.
With the increase in supply and demand, we are seeing a steadier market than years past. This gives both buyers and sellers more confidence and reduces their anxiety around uncertainty.
Now what does this mean for you?
For sellers- We are now in the second-best window to sell in May. If you haven't gotten a contract signed yet, are you planning to adjust your strategy or taking if off the market?
Proper pricing, fantastic marketing, a great negotiator of an agent and other plans can help you still succeed with selling during the late spring-early summer months.
For buyers- Opportunity is out there due to low competition! Sellers in the market today are serious sellers and therefore the opportunity to get a home with a great price and terms is within reach.
For renters- Rents continue to skyrocket in the city and we are now approaching what the experts call a "rental fatigue cliff" where buying, even when expensive, makes more sense than paying another hefty sum in rent. Have you been feeling fatigued? If so what are your plans to deal with it?
A side bar for foreign buyers- The US dollar has weakened further and depending on your currency exchange, has given US housing a price cut. Explore this attractive option of purchasing for less while you still can, let's talk. Link
Are you thinking about making a move this spring
or just watching the market for now?
Interest rates are currently at 6.36% according to Freddie Mac's US weekly avg. on a 30-year fixed. Click here.
Contract Numbers:
Manhattan had a total of 1,099 contracts signed.
Brooklyn had a total of 645 contracts signed.
