The Manhattan Real Estate Market is Picking Up Steam

More buyers are out looking at homes, and as we predicted it's finally showing up in the data. The total number of pending sales in Manhattan is 2,198, a 3.5% increase from the previous week. Last week alone, 238 contracts were signed - that's up a whopping 26% from the previous week, and the highest weekly number we've seen since October.

Last year analysts were predicting a 10-20% drop in home prices across the country. That hasn't happened. Instead, most of those predictions have been revised to predict modest growth. Why? Lack of inventory.

Here in New York City, we continue to hover around 7,000 active listings on the market. The pace of new listings isn't keeping up with what's going into contract or being taken off the market. A lot of what's on the market is "stale" and buyers and brokers are on the lookout for new, fresh listings. If you've been considering selling, your home has a real opportunity to stand out.