The State Of The Market

Inventory of studio, 2 and 3 bedrooms dropped slightly, while the number of available one bedrooms decreased from February’s levels by 1,199, or 22.4%. 204 of these one bedrooms closed during this period, while 577 were taken off the market and 382 contracts were signed. The number of OTMs reflects both continued over-optimism on the part of these owners as well as some of the sluggish sales of the 2 and 3 bedrooms they would like to trade up for.
The snowy winter weather that typically discourages buyers has passed, and the warmer days should see increased studio and one bedroom traffic. Activity in areas further from subways typically improves significantly in the March-August periods.