March is a month of transition. As Charles Dickens said, it is “Days when the sun shines hot and the wind blows cold: when it is summer in the light, and winter in the shade”. These “spring tease days” always make me feel like whistling….even with a shoe full of slush. What really makes me feel like whistling is the increased activing in the Manhattan real estate market. There was a strong start to the year. Mortgage rates remain elevated; however, with less volatility, both buyers and sellers are able to plan their finances. With more homes going into contract, inventory is declining. Since July of 2021, co-op inventory has been declining, while condo inventory rose 3.0% the past year. Due to the numerous new condo developments, there have been more condos on the market than co-ops since July of 2024. With substantially lower costs per square’, co-ops are looking more attractive. The lower costs are more affordable to the buyers and the reduced inventory allows the sellers to be well-positioned. With the spring market approaching, there will be increased competition; serious buyers should try to secure their new home sooner rather than later. Remember, “The early bird catches the worm”.

                                            15 Blogs to Follow in 2025!