{April, 2023} Slower Market Returns
Our 10 days in Taiwan were simply amazing! My girls fell asleep at the dinner table for quite a few days going there and coming back. But I got to take them to school every morning, winding through the small alleys, breakfast stands busy serving local customers perched on stools. We ate SO MUCH. The fact many families from the school went together made the experience unforgettable for the children and the adults alike. I feel so lucky we got to do this!
The NYC real estate market experienced a slower pace in April. When Signature and SVB failed in March, the market cooled from a somewhat warm February. But by the end of March, the market seemed to have shaken off the bank failures. Deals were definitely happening in April, but the activities were not consistent. A week could be busy, but the other two weeks could be dead. Total inventory level increased in March and April, reaching 7.4 months. This was the first time our inventory surpassed the long-term equilibrium of 7 months since Oct 2021. Inventory contracted to a low of 5.4 months in May 2022 and hadslowly crept up since the Fed raised rates around then.
This is a good market for buyers. There is more to choose from. Many buyers are still on hold so there is limited competition. The Fed is nearinging the end of its rate increases. If you are thinking of buying in the near future, start now.
Good Read:
Everyone is worried about Local Law 97, which requires that buildings reduce their carbon emissions or incur a penalty. Read more here
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.