Just How Good Was October's Market Activity?
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Can we finally say 2024's sideways performance is officially squashed?
After three consecutive months of outperforming 2023 for the same months (August-October), we can finally say the sideways market for most of 2024 (Jan - July) is officially squashed, finally. October is 2024's strongest month for contract activity thus far, and the first month since May 2023 to surpass the rolling seasonal average. It will be interesting to see how November fares now that we have the election behind us and yesterday's 25 basis point Fed rate cut. The first week of November has already proven to be strong with 223 contracts signed.
SIMPLE side note: Although deal volume is down, pricing has not been as affected as one would think because inventory is low. But, interestingly, we have noticed our pricing models of on-market listings are below both the contract and closed pricing models in some micro-markets, which is typically the inverse. This shows sellers coming on the market are adjusting for current conditions and adding momentum to the activity with attractive pricing. Now, we hope to get some more inventory flowing.
Sellers who have been uncertain when the time is to sell, we would love the opportunity to walk you through the process - timing, prep, expectations, goals, etc. It is never too early.
Buyers, like we have been saying for months, the time is now, and that window on landing a "deal" is closing.
New York City is made up of numerous micro-markets. Call us for a valuation of your market and home. Trust your neighborhood experts!
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Stay up to date on the latest real estate trends.
October 2024 Market Report
Q3-2024 Manhattan Market Update
Anyone else feeling a shift in the market?
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