Check on the Market Ticker
A: A quick check in on daily, weekly and 30-day pace of new deal volume, supply and off market changes in the Rebny Listing Service.
Here is a look at the ticker as of 11:02pm, Tuesday Feb 28th. On March 1st, the system will sanitize the data one last time and publish monthly stats for February - so Ill do a report then on how the last 30 days has performed.
Market is quite active as I can see 48 new deals signed today, 38 deals signed yesterday, and 261 new deals signed over the last 7-days. But the 30-day total is the most useful to track the current trend - and the ticker now shows 924 deals signed over the last thirty days. That is up sharply from a pace of low 600s for most of January.
Use the following table to interpret what that 30-day contracts signed total is telling us about current market conditions:
The hottest months of the year tend to see a pace of over 950 new deals signed, and the 4 hottest months for Manhattan are (in order) are May, June, April & March - so we are about to enter the most active period in the calendar year. Let's see if we can produce enough well priced supply to keep the high pace of new deals going.
The ticker will continue to show us whats happening daily in the field as it catches every REBNY mandated exclusive listing status update shared by the brokerage industry. As it stands now, we are on pace for the hottest February since 2008 when we saw 1,041 new deals signed.