{March 2024} Progress Muted

The big momentum we saw in January slowed down in March, as the expectation of rate cuts dimmed.  It was as if the subset of buyers who were rushing to take advantage of the window where prices were still low and rates were still high, had done what they needed to do and the market slowly came back to the slower pace of 2023.  In the first quarter of 2024, our team relisted two of the 10 listings that didn’t sell in 2023, both of them received offers higher than what we did last year.  Both offers were accepted and contracts were out.  But we didn’t go into bidding wars.  Even after a busy first quarter, prices remained 10% lower than the summer of 2022 with some exceptions.  Properties that were nicely done and in desirable locations saw minor price increases in the first quarter.  As expected, these premium properties would be the market leaders in an upswing.  

Many of our sellers are watching the market to determine when to bring on their listings and they have tempered their price expectations from last year.  Many of our buyers are slowly dipping their toes into the market.  2024 should be a year where more transactions will happen but whether prices will go higher remains to be seen.

I have also wrapped up the middle school search for our older daughter Kelly.  She is going to the Creative Writing program at Mark Twain!  We are also waitlisted for Saint Ann’s.  I am so proud of my girl, who retains her childish curiosity and passion, while learning to be responsible and resilient.  

New Development

The project we mentioned last month: One Domino Square is getting ready to come on the market.  This is one of the last few developments along the Williamsburg waterfront.  Get in touch to learn more.