The weather here in NYC has been amazing. Unlike the weather, the US economy is cooling with souring inflation, rising interest rates, and battered stocks and crypto. During such conditions, consumer behavior shifts to one of caution and observation. What I like to call the “let’s wait and see” stage of the cycle.
Signed contact activity in both Manhattan and Brooklyn peaked in March and has been on the way down since. That said, there were still over 1000 signed in June, 112 if which over $4M, and are still in a healthy seller’s market. It’s also important to note that the recovery month’s that we are comparing against were off the charts robust (see Manhattan Contacts signed chart below) and that the numbers for June are right in line with those of a normal healthy year.
The rental market has been insane. High demand and the lack of inventory has spiked rents to all-time highs and made the market difficult to navigate. New listings are renting within days, sometimes hours, with many having massive lines during open houses. This surge, which began about year ago, has shown no signs of slowing.
Whether you are looking to buy, sell, or rent it important that you align yourself with a seasoned agent who can help guide you through these intricate market conditions. I'm always here to help should you or anyone you know have further questions.
Contract activity was down 6% from May.