Your NYC December 2023 Market Snapshot is here!
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NYC Market Snapshots are Here! |
| It's January, so let's talk about December. And rather than compare numbers from December with numbers from November which is really just an observation in seasonal market decline, I'd like to compare the year over year numbers which may indicate a harbinger of things to come in 2024. And, needless to say, things are looking up across our markets. In all three boroughs we track, though inventory is still stubbornly down from a year ago, the year over year numbers for new contracts signed is up in Manhattan, up in Brooklyn, and up in Queens. In Manhattan we have contracts up 8.5% since last December. In Brooklyn, contracts are up 7.1%, and Queens contracts are up 5.4% year over year. So, it would appear the steady decline in mortgage rates we saw last Fall has started to sink in with buyers, as more and more are seeing this Winter market as the time to jump in; certainly welcome news for patiently frustrated sellers. Now the question is will rates come down enough to spur sellers to bring more inventory to the market for the Spring. Fannie Mae is speculating we'll be in sub 6% territory by the end of 2024. |
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Or just have a quick listen... |
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| Have questions about market forecasts and trends, or anything else real estate-related? I'd love to connect! Don't hesitate to reach out. |
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| | jeremiah.wiggins@compass.com |
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Office: 646-609-9890 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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