Spring Revival – March Market Update
A large number of listings went into contract in March – a welcomed break from the few sluggish months prior.
Snowstorms in tow, spring might have reluctantly arrived for the weather. But for NYC real estate, March was undeniably an end to the winter season and a welcomed break from the sluggish months we have had since last fall. A total of 1130 listings went into contract in March, the highest monthly number since last June! Given how slow the last 3 months have been, I was much relieved to see the pace pick up again. The Median Days on Market (DOM) also shortened to 71 days from the almost 100 days in January and February. Prices stayed range bound with the median sales price at 1.25mm.
March also saw the smallest discount (1.6%) from the original asking price to the transaction price. After quite a few months of sellers sticking to their guns, the much more realistic expectations from the sellers enabled a healthy pace to re-enter the market.
In honor of The Architectural Digest Design Show that just ended, let’s celebrate design! Everything is so much better with a better design. Here’s AD’s pick of what’s new and exciting.