The Market Report: March 2023

The Market Report: March 2023

  • The Pucker | Heinlein Team
  • 03/7/23

Making a Move

Although February ended with this winter’s first real snowfall in the city, our real estate market inventory kept its familiar lack of increase since starting the month. We are nearly flat, with only moderate bumps up, across the board month over month.
 
We have seen a significant increase in buyer activity in the market – showing requests, property inquiries, new buyer meetings and offers on listings. But we are observing a disproportionately high number of failed offers on properties in the $800,000 and below categories –
perhaps owed to new and first-time buyer insecurities, or sentiment that pricing will go down further, translating to a lack of substantial counter-offers. Some such sellers on that receiving end are left with the feeling that they can hold out for something more meaningful.
 
Unsurprisingly with notable new activity, we saw an increase in properties go to contract this past month. Though, new listings that came to market did not offset the pace enough to elevate inventory.
 
If you are on the hunt to purchase now, consider your ownership horizon. If in all likelihood you are planning to own the property for the next minimum 5-7 years, your perspective on market value will be longer-term, particularly if you are not purchasing all cash and getting a mortgage, leveraging someone else’s money. As perception and consumer sentiment continue to improve, along with the traditional upswing of the spring market, paired with lowering interest rates and more creative mortgage products, we anticipate greater competition amongst buyers. We anticipate less negotiability across several already tight sectors.
 
In other words, we are seeing some buyers who are thinking smaller than they should on one of their greatest, if not greatest, investments. Trying to time a market bottom is a tricky affair. The gamble aside, market bottoms are also the entry point for others who were playing the same waiting game. Even if pricing hasn’t reached its lowest, there are the buyers out there who are wiling to pay potentially more knowing they are getting the product they want and contractual terms that sellers may not otherwise be willing to entertain with a more fiercely competitive buyer audience.
 

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The Numbers

Manhattan Market Activity

Highlighting our market's past 30 days.

 

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The Properties

Our month's featured listings on the market.

67 Park Avenue, 9A

Murray Hill / Manhattan

Coop

1 Bed / 1 Bath

$950,000

Clinton Hill / Brooklyn
4 Beds / 4 Baths
Townhouse
$4,795,000
 
DUMBO / Brooklyn
Condo
1 Bed / 1 Bath
$1,150,000
 
East Harlem / Manhattan
Condo
1 Bed / 1Bath
$599,000
 

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The Pick

From the cool and eccentric to reserved and irreverent -
Our month’s pick of what's happening in New York City.
If you haven't already, you should:
 
Banksy in New York: Defaced
An unauthorized exhibition of a private
collection of the artist's original works. 
 
Now through Mar 2023
 
 

 

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The Pucker | Heinlein Team consults and services individual buyers, sellers, real estate investors and developers across the city and offers partnerships throughout the country to service clients’ real estate needs.

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