And We're Off!!!!!!
The January market started with a bang. Our first month of the year showed low interest rates and lowered price points. Buyers were out in full force with market confidence and aggression that seemed to say what most were thinking, the bottom is finally here.
We have said it before and will say it again; the bottom only stays the bottom for a split second before the market starts to head right back up. It's already happening. We have seen more bidding wars with over ask prices this month then the entire year of 2018. It might be fear of the risk by delaying but buyers want in and they are not taking chances.
This could be a bull run in a bear market but it's much too early to tell.
Insight to this will be in how the market handles upcoming inventory. We expected to see a huge influx in Manhattan but it never came. Inventory is currently running at 20% less then the peak of 2018/2017. If buyers are pushing the market, this might signal sellers who failed to sell over the past two years, return to the fold this year. Will buyers consume this new inventory? Or will it slow the pace of a current rising market?
One thing is for certain; Q4 of 2018 was a less competitive market for buyers then currently in this first quarter of 2019. Does this signal that it will be a better market then its successor? Our prediction is yes.