Hello Everyone –
The new year is kicking off with renewed energy compared to how 2022 ended. My conversations with fellow brokers are encouraging as we have all noticed an uptick in overall "interest" this month.
We continue to be in a “Low Inventory” market. The challenge is how many sellers will be listing this Spring and the resulting inventory will tell us how the market is going to go. The new definition of the Spring Market is that it begins after MLK Day and goes thru June.
Here is my take on the following:
Apartment Sellers If you are thinking about selling you should list NOW.
Townhouse Sales This market became hot during Covid and has not lost its luster.
New Development Deals in this pricy market are becoming more negotiable and this has seen a slight increase of foreign buyers for this product niche.
Rentals This market started to slow down last Fall and remains so which is typical for the season. I always tell landlords that no one moves between Thanksgiving and Valentines Day. However, despite the season, the High End Rental Market continues to be active now.
Buyers Those who became skittish with rising interest rates need to reassess their options. Banks are now offering some creative solutions such as Interest Rate Buy-Downs and ARM’s.
The 4th Quarter 2022 Market Reports are out.
Manhattan This was the slowest 4th Qtr since 2008. The medium price per square foot was down 8% from the previous year. New Development sales were down 9%. There was a drop in new listings and resale condos had the greatest annual decline.
If you want to know everything, click below:
Brooklyn Similar to Manhattan. Closed transactions were down 24%. There was a 90% drop in inventory and this was a historical low.
If you want to know everything, click below:
Remember, in the midst of chaos, there is also opportunity. If you have a question about your property, please reach out to me.
Lastly, scroll down below to read about new Trends and Activities around the city. And remember, may your home, whether it be a studio apt or a classic six, always be too small to hold all your friends.
