The burst of real estate action that marks the spring season came early in New York this year. Manhattan saw a big sales spike in March, well before the market’s usual busy season in spring.
However, according to some brokers, it is said that the sales have started to stall now instead of going into the expected overdrive. This may indicate that the buyers start to regain confidence in the real estate market. Or it could also mark the beginning of a slide that will lead to another dip in prices and sales activity.
Though many brokers will tell their clients that the market has already hit bottom, some economists and experts are expecting the property prices to keep falling. The overall economy will determine to some extent whether the increase seen in Feburary and March can be sustained.