![]() There are also still a fair amount of bidding wars, according to Jonathan Miller, founder of appraisal firm Miller Samuel. “If you don’t price right, you’re fucked,” says one. Brokers say they’ve found that a listing either sells immediately, usually because it’s well-priced, or not at all. Interest rates are high, which would usually force down prices, but the inventory is so low that it hasn’t happened. But the market, everyone agrees, is weird right now. And the number of contracts signed and listing inventory, though down year over year, have been up several months in a row, according Douglas Elliman’s March market report. The number of contracts signed in Manhattan in March - just under 1,200 - is historically on par with pre-pandemic years, according to real-estate data firm UrbanDigs. ![]() Of course, the sense of malaise may, in part, be a comedown from the frantic bidding wars of the last few years, which were fueled by historically low interest rates. We’re not even going to consider it.’ There’s no sense of urgency,” says Jay. “I have a seller who made an offer on something and the broker said, ‘Oh, we’ve had higher offers than that and we turned them down. But most sellers are standing firm, convinced that they’ll eventually find a buyer willing to pay last year’s high prices. The deals happened, she says, because the owners were open to negotiation - going down to $1.63 million, for example, on a unit asking $1.84 million. A handful of sellers are willing to take offers - Jay recently represented two different clients who bought at 530 Park Avenue, a condo conversion on the Upper East Side. It’s not that there’s nothing on the market, clarifies Kimberly Jay, an associate broker at Compass, “it’s that there’s very little that’s good.” Most listings are either overpriced or have been sitting for months, brokers say. “I’ve been telling my buyers that it’s spring and there’s going to be good inventory coming on,” says Lauren Cangiano, an associate broker at Brown Harris Stevens. So far, however, the pickings have remained depressingly slim. Photo: Jeenah Moon/Bloomberg via Getty ImagesĪfter nearly a year of high interest rates, high housing prices, and meager listings inventory, buyers and real-estate brokers have been looking forward to the spring, when a flurry of new listings typically come on the market.
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