Welcome to the 43RD Edition of the BOND Report
The market was off to a solid start in the first quarter and Quarter 2, 2024 has continued that consistent transactional pace. Overall, the New York City real estate market can best be summed up as stable. We are not seeing any major highs, but we also aren’t seeing any big lows. In retrospect, Q1 saw a needed recovery after the Q4 lows, which has plateaued into a seasonally typical sales market.
The second quarter marked the beginning of the spring selling season and the available inventory levels reflected this seasonal trend. We saw an increase in the number of available listings in April as buyers rushed to get their homes on the market right when buyers typically start to look. There was also an increase in the number of pending sales which corresponded to the new available inventory. As we head into the summer, we expect to see the supply levels continue to dwindle and not much in the way of new inventory until early fall when we enter another selling season. This doesn’t mean that there aren’t opportunities for buyers. If anything, there may be better deals thanks to less competition.
Sellers that took advantage of the spring selling season should feel optimistic if their property is priced to sell. Again, unlike past years, the market is operating at a steady pace with real buyers looking for real homes. Time and again, we have seen firsthand how the general market trends don’t account for the individual stories of the many buyers out there who will purchase a home regardless of what the trends are.
There continue to be destabilizing factors that are driving uncertainty in the market. Right now, these factors are mostly keeping the market steady but at a slower pace, with a lot of buyers and sellers still on the sidelines waiting for the uncertainty of the election, international conflicts, and interest rates to come to some sort of resolution. With respect to interest rates, the shift in expectations from what many thought would be a year of multiple interest rate cuts now seems to be only one, if any the end of the year. How these factors will impact the market into the fourth quarter remains to be seen.
Most importantly, any transaction in the New York City real estate market is an individual journey that requires a granular look at your specific needs and the specific market conditions impacting it. BOND has up-to-the-minute data and a wealth of resources and expertise to ensure you can make the best possible decision. BOND New York representatives are here to help you navigate the market and we look forward to assisting you with all of your real estate needs.
