March NYC Real Estate Market Update

1. Last month I said the market was heating up, but not yet on fire. As we make our way through March, I’m definitely starting to see the flames.
1. Pending Sales are still on a steep rise, up to almost 4,000, an increase of 51% from last year and of 12% from last month.
2. Some of the high number of Pending Sales are due to the longer amount of time it is taking to close a sale. My brokerage is currently averaging just over 100 days from contract signing to closing.
3. However, that clearly isn’t the whole story. Contract Signings keep climbing. In February, 1,100 contracts were signed, 31% higher than last February, which was a pre-pandemic market, and over 19% higher than January.
4. The pace of contract signings is still increasing. So far, March has seen over 300 contract signings each week, with over 340 in the last 7 days alone. This means that buyers and sellers are finally getting on the same page.
5. Meanwhile, the re-supply pace is not keeping up. Although supply is a little higher than last year, contracts are currently being signed faster than new supply is coming on the market. The February re-supply pace was down over 35% from January, and nearly 63% down from February 2020.
6. The absorption rate is how quickly or slowly homes are being sold over a period of time. The higher the number, the faster homes are being sold.
7. February’s absorption rate of 10.9 still indicates a buyer’s market, but you can see the pace is rising slightly from January, but by nearly 68% over February 2020. Don’t forget that any sales that closed in February 2020 were from contracts signed months before we knew the pandemic was coming.
2. March Market Madness Conclusions and Predictions:
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March NYC Real Estate Market Update

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