It’s never bad to have a quarterly report. I’m grateful to our chief economist Greg Heym for creating it four times a year.

• It’s fun to track the biggest sales every three months
• It’s good to see how the numbers compare year-over-year
• It’s certainly good to measure the average and median sale prices

It just doesn’t tell you what’s going on today. You can find the full version of the 1Q24 Manhattan Apartment Report right here: https://media.bhsusa.com/pdf/Manhattan_1Q24_MR.pdf

Just don’t misunderstand what you’re seeing. You are getting a snapshot of what was going on three months ago, because all the deals that closed Q1 went into contract months ago.

Sure, it’s great that Wall Street paid $33.8 billion in cash bonuses for 2023, but that just happened. But we’ll only see how that affects the real estate numbers in 3-6 months.

If you want to know what’s happening in real time, there are much better measures:

• Contracts signed this week
• Contracts signed this month
• Conversation with active agents
• Open House traffic reports

These, and many more.

What we are seeing today is a robust return to health. And that, my friends, is both good news and the realtime stuff! – Scott & The HRT