New Deals & New Inventory Ticking Up
A: While the pace of ACRIS closings are yet to move up, the market has seen a nice move higher in Active Inventory followed by a nice 7-10 days or so of new deals signed into contract. Our active season usually sees around 250-300 new deals signed each week and as of now we had 220 new deals signed in the last 7 days. While one week is not a trend make, we got the real time tools so why not talk about them!
Here is a snapshot of the Manhattan Market Ticker, otherwise known as the Real-Time Listings Update tool for subscribers; this tool updates 6-7x a day as brokers update the status of their listings via the ROLEX broker sharing system:
I highlighted the 7-day new CONTRACTS SIGNED slot even though I keep tabs on the 30-day moving window more closely. We got some weak days in the end of Dec and early Jan, so as we get into the end of the month and early February I would expect the 30-day slot to bump higher.
I did happen to notice a big move higher in Midtown West pending sales the past few weeks, and I'm going to investigate that further and try to report on it later.