First and foremost, I want to wish you a Happy New Year!
As we begin this new year and decade, many feel they are receiving mixed messages about the state of the New York City real estate market. In spite of many global markets trending near historic highs, there seems to be a bit of unease stemming from their volatility over the past few years. The causes are multi-faceted including the trade war with China, the presidential impeachment, unclear federal policies, and a presidential election year with unpredictable effects on the market. Regardless, we are optimistic about the New York City real estate market as we proceed into 2020 given a sustained period of pricing corrections, which we believe will increase activity among buyers who have been waiting on the sidelines. You may recall that I referenced in out last newsletter the increase in traffic that we are experiencing with our open houses and private showings, we expect that trend to continue. And just as buyers seek to take advantage of a favorable market, sellers are adapting their strategies with positive results, as evidenced by an uptick in signed contracts at the end of the year.
The NYC market is facing a slew of economic and political headwinds, but it has proven to be resilient over time, and we are already seeing signs of that with increased buyers traffic and signed contracts. We look forward to a busy first quarter, one that will be quite telling of the market to come for the remainder of 2020!