{November 2022} This is a Slow But Steady Market
This is the month we give our thanks. I am grateful to all of you, who read my notes for another year. Your support made this challenging year not so bad. We worked together harder. Too many deals didn’t go as planned but we all got out ok. My parents finally made their way to NYC from Shanghai after a long 3 years. We had Thanksgiving together this year. I am grateful.
The NYC real estate market maintained a slow but steady pace in November. People were definitely buying - 775 listings went into contract in Manhattan. About the same amount of listings were sold in November of 2017, 2018 and 2019. The market was on the cusp of a big decline in Nov 2017, with prices running high for the 6 years since 2011. Inventory was building up. Then rates went higher in 2018 against this backdrop which caused the market to correct in a big way in 2018. Where we are today is different from 2017. Prices are still lower than 2015. There aren’t that many new construction projects, unlike 2017 when there were many. There is more confidence from the buyers after the lower inflation reading. However, the market remains a buyer’s market.
Good Read
The Christmas break is coming up. For those of us with a wandering foot: here are some good national parks to visit during the winter.
The NYC real estate market is at an interesting crossroad. On the one hand, we feel a lot of pent-up demand from buyers who have been watching and waiting for rates to go down.