{November 2019} Is the Market Done Being a Buyer's Market?
My market note is late this month, for Thanksgiving put too much food in my belly and my spirit took a much-needed rest with my family around me. As I'm writing, the first snow of the season is falling upon NYC. With the flying snowflakes in the background, I showed the legendary Sherry Netherland by Central Park's south gate today. This part of town is decorated to the nines. Even after almost 20 years, the snow and the lights still manage to take my breath away.
Am I calling the bottom?! Maybe. The real estate market at the moment feels good. My buyer clients are running into small competition. My coworkers in the office report optimism for the new year. $/square foot for listings that go into contract in November stands at $1356/sqft, highest since March this year. More listings close this November than Nov17. More listings go into contract this November than Nov17 and Nov18. Less listings go on the market this November than Nov18. The powerful combo of low rates and high equity markets is putting the wind behind our backs. Let's hope this delicate balance stays.
What are some new trends with the future generations of homeowners? Owners are staying longer in their homes; homes with amenities and homes with more walkability are selling better.
The NYC real estate market was the tale of two cities in October. Total transaction volume ticked higher, even though rates moved higher and sentiment was tense. Most of our new clients were understandably quiet. But quite a few of our repeat clients, the real estate veterans, were busy putting deals together.