We’re about to get hit with a storm here in New York City that is expected to last a couple days and leave us 14-18 inches of snow. Do you know what that means? Everyone is laughing at us down in Florida!
That’s just a joke, but it’s true that many New Yorkers continue to stay outside the city, soaking up the sun in warm areas of the country. Hot climates are experiencing really hot real estate markets, especially Florida and Texas with their low taxes. There’s been a great migration out of the urban cities and into the suburbs creating a home buying frenzy across the country.
However, over the past few months the pace of home sales has slowed. This is likely due to the tight supply and high prices. According to the Case-Schiller home price index released this week, home prices were up 9.5% in November and even higher in certain areas. Buyers are beginning to take notice of the high prices and may be waiting for a pullback.
It’s a different story here in New York. Supply across Manhattan over the past month is up 61%. Yes, we were coming into a new year, but that is a significant jump and should continue to climb as the year progresses. Unlike every other real estate market, in New York, the buyers are in control.
There are incredible, one-of-a-kind homes that haven’t been available for decades. We have plenty of supply for buyers and renters and it is a great time to take advantage of the deals! It’s like finding the perfect needle in a haystack. Are you ready to start looking?!
The Spotlight this month is on retail space in New York City. Walking around these days it’s hard to imagine how retail will ever make it back to its glory days…
