While NYC is still on its high after a terrific year in Manhattan real estate, one may wonder what this means for the state of the market going forward. A recent Forbes article by John Walkup, co-founder and partner at UrbanDigs Analytics, suggests that Manhattan may be “overbought”.
Digging into the data that dates back to 2012, the length of surplus/deficit streaks suggests that the surplus may have run its course. Walkup’s theory contrasts with that of real estate analyst, Jonathan Miller, CEO and President of Miller Samuel—among others analysts and executives—who believes the market will remain robust into at least the first half of the year.
With spring only months away, we expect to see more inventory hit the market, as normal for that time of year. Yet the question at large is “how much more?” That is left to be seen, but buyers should certainly take this into account as well as the attractive current interest rates, which will eventually creep back up, like pricing. With that said, we could very well see another spike in demand as buyers clamor to secure a good deal while they can.
With respect to sellers, the goal obviously is to sell quickly with minimal days on the market. While we may be in a seller’s market, sellers should price and position their property realistically. The longer the property sits on the market, the more highly probable it will bring down the value.
This past week, I had someone reply to my last email saying it would be helpful to include square footage on the data reports, such as the Quarterly Report. Because every building is different, there is no way to compile that specific data. However, if any of you are looking for more information regarding the value, etc. of your property, even if you don’t intend to sell right away, please reach out. I am more than happy to help.
Meanwhile, we’ll continue to keep our eyes on the market.