West Side Rag
  • TOP NEWS
  • OPEN/CLOSED
  • FOOD
  • SCHOOLS
  • OUTDOORS
  • REAL ESTATE
  • ART
  • POLITICS
  • COLUMNS
  • CRIME
  • HISTORY
  • ABSURDITY
  • CONTACT
West Side Rag
No Result
View All Result

Get WSR FREE in your inbox

Search the site

No Result
View All Result

Get WSR FREE in your inbox

AVAILABLE NOW!


HERE

West Side Real Estate Market Bulletin

December Edition

December 27, 2022 | 11:51 AM
in REAL ESTATE, SPONSORED
0

Dear  Subscriber,

Welcome to this seventh edition of the “West Side Real Estate Market Bulletin”, featuring this month’s major issues:

  • the midterm election’s impact on our local market
  • our local market’s inflation status and outlook
  • our local market’s mortgage rate status and outlook

Market Summary

In a startling midterm election development, Democrats pulled a Senate takeover from under the Republican’s noses, albeit by the slimmest of margins, thus dodging Republican capture of both houses and their attendant policies of tax cuts to the wealthy and entitlement cuts to everyone else.  Also, it’s interesting to note that Trump-sponsored candidates generally did not fare well, suggesting that Trump’s influence as a kingmaker may be waning.

The Effects of Inflation

A shift in consumer spending from luxury goods to staples (food, rent, gas) has occurred this year as the price of luxury goods has gone up along with everything else.  (Refer to the “Consumer Price Index” graph below which represents a 7.4% increase for the year.)


Excessive Inflation is the topic that’s been consuming this edition of the Bulletin, and appropriately so, as it could be the catalyst that leads our nation’s economy into a disastrous recession.  In the past month or so, gas prices have come down somewhat, which is encouraging, but the annual rate of inflation’s increase has been almost almost 8%, way above the Fed’s 2% target, implying the need for further interest rate increases and heightening the likelihood of recession.

The Fed’s Dilemma

The Fed is faced with a precarious balance: raising interest rates too little will not decrease inflation but raising them too much will lead to recession. After four rate increases this year the Fed appears to be leaning towards the latter option so some degree of recession appears likely next year.

What Do the Tea Leaves Say?

The tea leaves say that the real estate market is fraught with downside risk; adopting a “waiting in the weeds” strategy seems appropriate for the occasion.

For our purposes the tea leaves are the graphs of “Median Sale Price” and “Supply (Open Listings)”.  Both of these metrics indicate a persistent softness in the market: prices are weak because of a lack of buyer demand in the face of uncertain price moves, and open listings are low because sellers are unwilling to accept lower prices for their units.


All data courtesy of Urban Digs

What’s Next?

Are you considering buying or selling an apartment in the coming year?  If so know that we’re facing a volatile economy that could shift in the wrong direction at any moment, but this is not all bad news.  Some very good deals can be scored in a down market if one is vigilant, adequately prepared, and resourceful.

If you’re interested in learning more about this intriguing option, just click on the link to review methods for identifying and transacting exceptional down market deals.

Share this article:

Leave a Comment

Your email address will not be published. Please limit comments to 100 words and keep them civil. We delete comments that don’t adhere to community guidelines.
Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

YOU MIGHT LIKE...

SRO ‘Reclaimed’ as Permanent Supportive Housing on West 107th Street
NEWS

SRO ‘Reclaimed’ as Permanent Supportive Housing on West 107th Street

March 29, 2023 | 10:05 AM
The League of Composers-ISCM Presents Highly Acclaimed Pianist Eliza Garth at Merkin Hall on Thursday, March 30 at 7:30pm
SPONSORED

The League of Composers-ISCM Presents Highly Acclaimed Pianist Eliza Garth at Merkin Hall on Thursday, March 30 at 7:30pm

March 23, 2023 | 2:30 PM
Previous Post

SAJ Synagogue on the Upper West Side Holds Christmas Party for Asylum Seekers

Next Post

Turn Your Fir Into Food for New York City’s Trees

this week's events image

Explore Your Favorite Subject

20th precinct 24th precinct american museum of natural history animals art bicycling bulletin central park closings columns community board 7 coronavirus crash crime development dogs events fdny fire food gale brewer helen rosenthal history jcc lincoln center monday bulletin morning bulletin nypd openings pedestrian safety photography photos politics public schools pupper west side real estate restaurants retail riverside park silver stars fitness snow sponsored subway upper west side uws

CITY NEWS

Brick Underground
City Limits
Eater
Gothamist
NY Daily News
NY Post
NY Times

LOCAL RESOURCES

Bloomingdale Neighborhood History Group
Central Park Conservancy
CB7
Community Education Council 3
Assembly District 67
The New York Historical Society
Riverside Park
West End Preservation

UWS Blogs

Bloomingdale History Central Park Blogger
North River Notes

Next Post
Turn Your Fir Into Food for New York City’s Trees

Turn Your Fir Into Food for New York City's Trees

Updated: 21 Upper West Side NYCHA Brownstones Without Heat, and More in Jeopardy

Updated: 21 Upper West Side NYCHA Brownstones Without Heat, and More in Jeopardy

Encore Creativity for Older Adults Welcomes Singers to the Spring Season

Encore Creativity for Older Adults Welcomes Singers to the Spring Season

  • ABOUT US
  • CONTACT US
  • NEWSLETTER
  • WSR MERCH!
  • ADVERTISE
  • EVENTS
  • PRIVACY POLICY
  • TERMS OF USE
  • SITE MAP
Site design by RLDGROUP

© 2023 West Side Rag | All rights reserved.

No Result
View All Result
  • TOP NEWS
  • THIS WEEK’S EVENTS
  • OPEN/CLOSED
  • FOOD
  • SCHOOLS
  • OUTDOORS
  • REAL ESTATE
  • ART
  • POLITICS
  • COLUMNS
  • CRIME
  • HISTORY
  • ABSURDITY
  • CONTACT US
  • WSR SHOP

© 2023 West Side Rag | All rights reserved.