Demand fell further, rather precipitously. It might be because deals that were struck last week after the holiday are not yet signed, given the gap in time between verbal agreement and funding of deals. However, it is another sign that the market continues to normalize even as we extend into spring. With this being said, on the ground, brokers were tremendously busy this past week with showings and offers, so the data may turn next week.
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Supply jumped 5%, one of the biggest bumps we've ever seen. This is based on the time of the year and significant new listings entering the market (a whopping 91% more than the week prior).
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A Good Time To Make A Deal:
New York Real Estate In Q1 2023
New York City’s real estate market reacted strongly to the economic uncertainty of 2023’s first quarter. Mortgage rates continued to rise, the stock market fell, and transaction volume, which had been slipping throughout the second half of 2022, remained weak in January. Surprisingly, it then began to strengthen in February, and improved even more in March.
The Olshan Luxury Market Report, which reports each week on contract activity at $4 million and above, jumped from an average of just above 16 deals per week in January to an average of 25 deals per week in February, then to an average of just under 32 per week for the first three weeks of March.
Properties at $2 million and below are the ones for which the leverage between buying and renting tilts towards buying, especially on an after-tax basis. At this level, inventory remains tight. But the big price decreases seem behind us, and property costs have plateaued.
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4 New York City restaurant experiences you need to try this spring:
New York City has so many unique dining experiences to offer and this spring there are four new ones to put on your radar.
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Get a free tree just in time for Earth Month
Starting April 15 through May, the New York Restoration Project—a local non-profit that plants trees, renovates gardens and takes care of green spaces around town—is giving out 3,500 free trees to New Yorkers across all five boroughs.
To get your hands on one of the 3,500 free trees that will be given away, register in advance on this website.
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© Compass 2023 ¦ All Rights Reserved by Compass ¦ Made in NYC
Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. All Coming Soon listings in NYC are simultaneously syndicated to the REBNY RLS. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.
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