The economy is outperforming most expectations; inflation is near target, and the unemployment rate is at a near half-century low. Interest rate cuts are still expected this year. NYC real estate landscape is on the upswing, providing a promising scenario for those considering buying or selling.
Recent Developments:
- Increased Activity: Contracts are up by an impressive 20% compared to last year, with a substantial 9% increase when compared to normalized demand levels.
- Mortgage Rates: Despite hovering around 6.5%, the 30-year fixed mortgage rates have seen a slight decrease, offering potential buyers a better deal than the higher rates observed in the recent past.
- Inventory Situation: Inventory is down 3.5% in Manhattan and 5.8% in Brooklyn from last year, indicating a tight market
Recent Notable Sales:
- A duplex penthouse at Central Park Tower sealed the deal at an astounding $115 million.
- The West Village witnessed the highest townhouse sale at an impressive $76 million.
US Equity Outlook
US Stocks Continue to Reach New Highs
-
S&P 500’s has achieved new highs
- Big Techs Stocks are performing
- Notable is Meta’s $197 Billion Rally - the largest in stock market history
- We continue to see resilient economic data and earnings
- These drivers make us bullish to stay invested in assets that will perform in 2024 - which includes NYC real estate as an asset class
The Opportunity
For Buyers: With the market picking up and favorable mortgage rates, now is a good time to make a move.
For Sellers: The increasing demand and tight inventory create an environment where sellers can achieve optimal outcomes. Consider listing your property now to capitalize on the current positive market conditions.
Stay informed, act strategically, and make the most of the improving market conditions.
Let’s Connect:
Let’s connect to evaluate the optimal investment strategy for your portfolio. Happy to evaluate your present holdings and explore new opportunities together.
Sources: The Olshan Report, Jonathan Miller, Goldman Sachs Wealth Management 2024 Outlook, Bloomberg News
