The market often speaks in words, music, and magic. There is a story, a narrative informed by both the data and the sentiments of buyers, sellers, renters, and landlords. Then there is the beat and the melody, minor keys changing into G major with the spring season, as the tempo picks up. The magic is there, in the city itself, in the enchantment, that feeling when you find the perfect place.
Let’s see if we can get a better sense of what this market is saying as we dive into the data.
Manhattan Sales Market:
There are currently 7,260 homes for sale, up 7.5% from last month. The supply is down 0.6% year-over-year. Monthly contract activity for April had 1,089 contracts signed, down 2.3% from the previous month. Signed Contracts were up 13.4% from last year. Pending Sales are up 7.1% month-over-month and up 27.1% from last year.
Looking at the aforementioned sales data, with supply basically flat for the year, we are seeing good demand based on the yearly growth in signed contracts.
The beat goes on.
What This Means for Buyers:
There are still signs of the upward momentum for spring that we saw in the data from our last newsletter. While we experienced a decline in the monthly contract activity, comparing March to April, this is in line with historical trends. The year-over-year increase in signed contracts against the backdrop of flat year-over-year supply suggests that it can be competitive out there for buyers. There will most likely be less inventory when we are in the slower sales months of July and August. If you find the ideal home now, it might be beneficial to lock in a deal soon, as there could be less options as we move into the summer.
Manhattan Rental Market:
The most recent published data for the Manhattan rental market illustrates both strong demand and increasing inventory. Listing inventory is up 37.2% year-over-year, while the number of new leases is up 4% since last year. The average rental price is up 5.1% year-over-year.
What This Means for Renters:
The rental market is becoming increasingly competitive. Rents are already on the rise and higher than last year, so now may be a smart time to secure a deal before prices increase further into the busy rental season.
Final Thoughts:
The market can be difficult to predict, even with well-established seasonal trend lines. Sometimes it seems as if the song remains the same until the chorus kicks in. The right agent can assist you in best navigating the benefits and challenges of this market so that you are well-positioned to meet your goals in buying, selling, or renting.
The story is still being written, but the magic is always there. This is New York City after all.
