We hope February, the month of love, has been good for you. As we wrap up the month, we can smell the sweet scent of spring cherry blossoms around the corner and the spring real estate market’s fresh inventory cooking. Across the city, new listings are slightly ticking up while the overall listing supply remains relatively flat and resembles your traditional February. Contracts signed are on the rise, and we’ll see this increase as the spring market gets underway.
We still remain tilted towards a buyer’s market in Manhattan and a seller’s market in Brooklyn. Buyers are certainly emerging from the sidelines after the volatile years that sprang from the pandemic. How many sellers will show up to the market this season? Will sellers test the waters knowing that buyers are hunting with very low inventory or will their own low mortgage interest rates keep them from listing another year?
Seasonality is returning to the real estate market after a couple of years of instability. Streeteasy recently released data about the best time to list your home, and here’s what you need to know:
- March is the best month for sellers looking to shave time off waiting on the market—and to increase potential proceeds from sales.
- Apartments put on the market anytime in March tend to have a higher probability of selling above the initial asking price compared to the rest of the year.
- Home shopper inquiries in spring (March through May) are on average 36.5% higher than in autumn and early winter (October through December).
- At its peak in March, the volume of inquiries that for-sale listings receive on StreetEasy is typically 81.2% higher than in December, the slowest month of the year, and 25.1% higher than the rest of the year.
- Springtime listings typically sell almost four weeks (27 days) faster than homes listed in autumn and early winter.
Enjoy your leftover V-day chocolates & we’ll see you in March!
