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Dear Clients and Friends,
As we enter the Spring selling season, March 2024 saw an uptick in the market pulse compared to the prior month and on a year-over-year basis (see below charts for further detail). This underscores a continued trend in New York City from a more pronounced buyer’s market which started in roughly 2022 towards more balanced buyer/seller leverage. While the number of signed contracts continues to rise monthly, it’s worth noting that an important factor driving the market equilibrium is also the relatively modest level of available apartment inventory. Focusing more specifically on the luxury sector, the last few weeks saw the highest number of contracts signed on apartments priced over $4 million since June of 2023, ending with a total of 123 contracts for March of 2024. This momentum is encouraging, though it still represents a discount to the 160 luxury contracts signed in March of 2021 when demand was at peak levels and interest rates stood at historical lows.
We are still seeing marked variances in deal momentum based on individual neighborhoods, levels of renovation, and scarcity of product type for a given location -- and are always happy to provide more nuanced data on your area of interest.....
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