The spring real estate market is just around the corner and we’re already seeing very encouraging signs. The buyer demand has been somewhat pent-up during the winter season, but it is thawing rapidly. Activity is happening and things are starting to move a little faster when it comes to negotiations.
Listings that are well-presented and properly priced are garnering plenty of attention. They are being bought quickly, and some NYC sellers are finding themselves in the middle of bidding wars between multiple buyers. These are good signs heading into the spring market for 2023.
New York Real Estate Sales
As always, we like to review recent sales data. The February 2023 New York Signed Contract Report from Douglas Elliman tells an interesting story. There were 396 signed contracts in Manhattan last month for listings under $1 million, and 347 for homes in the $1 million to $3 million range. For Brooklyn, the numbers were 385 and 246 respectively.
Manhattan saw solid sales data in the high-end market. There were 71 signed contracts in February for homes in the $3 million to $5 million range, 55 signed contracts in the $5 million to $10 million range, and 15 signed contracts for properties above $10 million.
Download the full Douglas Elliman February 2023 New York Signed Contract Report here.
Ready for Spring
Signed contracts are definitely down when comparing February 2023 to February 2022, but up significantly from January of this year. This is a common pattern leading into March and April, when we generally start to see the true beginning of the spring market that will run into the summer season. We are cautiously optimistic that New York real estate will continue to display its resilience with an active spring market on the horizon.
Home Seller Preparation
Buyer demand continues to grow in New York and buyers are ready to take action as more listings hit the market. Strategic pricing is critical for sellers this year. As we mentioned earlier, properly priced homes are selling relatively quickly, and we’ve seen some bidding wars happen. The key is not to overprice your property and limit the amount of potential buyers willing to make offers. If you are planning to buy or sell in New York this spring, now is the time to start getting prepared. Contact us today for a consultation!