In Times Like This, We'll Take "Par for the Course"

As the spring markets get underway in Brooklyn and Manhattan, there is certainly enough macroeconomic and political unrest to consume anyone's focus. It's a wonder we get through the day! Despite that, spring buyers and sellers in our New York City microcosm are staying focused! As our 24-hour social media world seems to get faster and faster, if we just narrow our scope, we can see good things happening on the micro-level, especially when looking at our local real estate economy.

Do you remember the "normality" of yesteryear? Before any presidential indictments. Before hyperpolarizing elections. Before COVID. Before invasions. Before we became fascinated with Facebook and Instagram? Or at least before Congress' favorite, TikTok, came under fire? Considering what's happening today, I have to hand it to New Yorkers: They seem to be staying focused and steadfast in seeking what they want and remembering what matters most. Buying a piece of property or a home for yourself and your loved ones gives you that feeling of stability… Buying real estate bucks the frenetic messaging and whirlwind instant gratification of social media and always-on news cycles. Buying real estate, a home where you can live, pushes against all of that.

For one thing, it takes time to close a real estate transaction in New York City. From getting pre-approved and finding the right place, from co-op board applications and closing, it can take months! And for what? All to have a home where the pace of life can slow down just a bit, so that you and your loved ones can be together and enjoy life in your world. In your home. The stable, safe feeling that comes with homeownership is palpable. And New Yorkers are longing for it!

When looking at the real estate numbers over the last month, you can see that New Yorkers are looking for and buying their little slice of stability and peace of mind. They're purchasing homes and taking the world head-on. They're saying no, we believe in our local economy, in our city, our neighborhood and our block. This is our home, and we're taking back our sense of peace and calm.

In the last 30 days, New Yorkers have listed 1,882 properties and have put over 1,101 properties into contract. And the spring market is just getting started! If we compare those numbers to 2018 and 2019, they almost mirror those past "normal" years. And if I remember correctly, those of us working in the real estate industry viewed those years as just ho-hum or par-for-the-course normal markets. But you know what? We'll take it!

Given the almost daily barrage of negative press, negative news and negative energy out there in the macro world, par for the course sounds pretty good! I'm happy to report that the New York City real estate market is a constant. A bellwether. A beacon of stability in a world full of too much happening all at the same time. And if that constant translates to par for the course in this spring market so far, I'm happy!