Dear Friends and Clients,
As the New Year begins, we can now fully analyze the year-long trends of 2024.
Things changed quickly and often, with the demand shifting almost monthly. This is similar to what we saw in 2023. Demand was lower in the spring than typical, but picked up in the fall. In the final quarter of 2024, especially in November and December, there was a noticeable uptick in demand. This pendulum of demand shifting was impacted by a number of factors, among them tight inventory, shifting mortgage rates, geopolitical turmoil, and an uncertain political climate domestically.
Supply was down 8% in December compared to 2023, and down 16% compared to November. These monthly decreases were expected, with sellers waiting to list until after the holidays. Contract activity, on the other hand, was up 2.11% month over month and up 22.83% year over year. We’re just two weeks into the New Year, and we’ve already seen a major uptick in buyer inquiries. Sellers who are waiting to list during the busy spring market should take advantage of the increased activity, avoid a crowded market, and test buyer interest by listing off-market.
Congestion pricing has officially begun in Manhattan. Commuters who drive into the city will see a hefty price hike. Below is a chart summarizing the new congestion pricing that is now in effect.
We would be remiss not to mention the devastating and heartbreaking fires that have impacted so many of our friends and colleagues in southern California. With over 12,000 structures damaged or destroyed, the extent of the damage is difficult to comprehend and our hearts go out to those directly impacted. If you would like to donate to recovery and relief efforts, please consider the below verified organizations.
Best Wishes,
