{June, 2023} Summer of Opportunity
School ended mid June. My daughters and I marveled at the tiny creatures in the insectarium at the new Gilder Center at the Natural History Museum. I took my little one to the Reptile Encounter at the Bronx Zoo for our one-on-one. It rained on both days. The hot air was sticky but the rain gave a refreshing breeze. We walked in the light rain without an umbrella. This felt just like summer!
In June, the NYC real estate market seemed to have picked up its pace a little bit. Just over 1000 listings went into contract in June, a pace on par with that of 2019. Our team had multiple contracts out. It was remarkable how closely the real estate market mimicked the sentiment in the capital markets. At every major turning point this year, whether up or down, the two markets went in locked steps. As the talk of a broader rolling recovery rambled louder, our market started to thaw as well. Not in a big way but a trickle. Our total inventory continued its upward climb - Manhattan now has almost 8 months of supply, an indication of an oversupplied market. If buying is on your mind, this summer could present opportunities as most buyers are still waiting for rates to go down and the sellers are still taking discounts.
Good Read:
Looking for a pay increase? Thirty-nine publicly-traded companies based in the New York City area paid their employees a median salary of over $200,000 in 2022 and I bet you don’t know many of them. Read on to find out who you should reach out to for your next big job.
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.