How's Manhattan Doing Right Now You Ask??
A: The market is quite active! A check in on the Manhattan real time ticker will show us that the 30-day pace of new deals signed into contract is now over the 1,100 mark. Keep in mind that this measure tallies up daily contracts signed and then counts a moving window for thirty days. In other words, as of right now between March 23rd and April 22nd there has been 1,120+ new deals signed into contract. This is up from the mid 600s in January, the mid 800s in February and just over 1,000 in March. At months end, a final cleansing algorithm will kick in before the April bar is published; ensuring further data accuracy. You can't get a more real time look at demand than this ticker so it's worth it to track which way the trend is going.
The Manhattan Market Ticker
*updates 7x a day as brokers update exclusive listings that get shared to all brokers via the rolex process.
I boxed out the section you should focus on: the 30-day pace of new CONTRACTS SIGNED! You can see that its at 1,121 right now, up another 10% or so from last month's pace.
How do I know this? Subscribers get access to our monthly CONTRACTS SIGNED bar charts that show performance on a monthly basis. This allows us to see the current trend and compare a specific month to the same period 1 year prior! Since real estate is seasonal, its always best to look at year-over-year trends to filter out seasonal noise.
Here is a chart showing the pace of Manhattan Contracts Signed by Month:
Looking at the real time ticker at the beginning of the article, I can see that the current 30-day pace is just over 1,100. We still need to sustain this production for the next 7 days to stay over that mark, but as it looks now we are on pace to come close to last April's CSGN totals of 1,150 (see arrow on chart above).
Keep an eye on the daily ticker as Manhattan is currently seeing peak levels of activity right now, as we should for this time of year.
My advice to sellers that have been ACTIVE and waiting for a bid to come for 90 days or more, lower your price NOW because once we get past May the pace of demand will surely start to go in the other direction! Just look at the red bars in the above chart to see how the market played out last year. Right now, we are following 2010 fairly closely in regards to pace of demand trends. These tools are here to tell you when to take advantage of periods of demand and right now the market is hot with bids coming in.
So if you are not seeing any action, don't blame your broker, blame your price! In the end, the market dictates your home's worth!