Welcome to the 2nd Week of March NYC Weekly Update.
We are officially in selling season! 17% more buyers are attending open houses, 18.3% more properties are pending sale vs last month, and many sellers are listing their homes to take advantage! Supply is up 6% so far YTD!
However, it is a difficult market to interpret because the number of days to sell a property on the market is up 25% from last year, the average PPSF dropped 2%, and the average listing discount is growing. While all these deflationary stats exist, the number of signed contracts is still increasing! So what is going on here?
Tune into my quick update (3min) for a quick market overview.
Luxury & New Development:
Luxury Sales: 31 Contracts signed in Manhattan above 4 Mill. It was a great week with 8 more contracts than the prior week and the second time this year that more than 30 contracts were signed!
New Development: "For the 6th consecutive week, NYC recorded more signed contracts on new development units than its pre-pandemic 2015-2019 weekly average of 53 contracts. Week-over-week, contract volume increased 5% to 65, and the average price increased 18% to $2.4M, driving total dollar volume higher by 23% to $158M. Average PPSF also climbed from $1,638 to $1,788." - Market Proof.