Weekly Market Update - February 27, 2023

Weekly Market Update - February 27, 2023

  • Michael Meier
  • 02/28/23

Welcome to the 5th Week of February. Fortunately, we are getting busy, and listings are rolling in for our team, but only some brokers feel the same way! Why? Because, in general, supply is increasing less than it usually does at this time of year. Here is your weekly update!

Supply us inching up since January, but very slightly. Buyers need more options. Supply is currently at 6,189, only up 2.5% from last month.

Pending sales are up 8% compared to the prior week. We are in the selling season, and it will fly by. The market slows down after April. We see leverage drift slightly towards the seller side, but it is still a buyers market.

Sellers see more activity on their listings, and buyers feel more pressure to act when they see a great property priced right, but this still needs to translate into significantly higher prices.

Luxury Sales (Over $4 Mill) We saw 23 contracts get signed last week in Manhattan. While this is eight sales less than the prior week, it's expected, given we had presidents day. If we want to compare this to the previous president's days- The 10-year average is 25 Contracts on Presidents Day-Week.
New development: "Despite being a holiday week and the uptick in mortgage rates, contract volume remained well above its pre-pandemic average* for the 5th straight week. Less expensive units were more popular with buyers this week but, nonetheless, the demand is there." - Market Proof

There were 4,901 open houses in New York City this past weekend. Care to guess how many people showed up on average? Ask me!

Work With Michael

Finding an agent who is not only knowledgeable in both markets, but also trusted and respected can be tricky, but with Michael Meier representing you that is what you will have every time.