Contract activity has surpassed historical average

Contracts in pipeline +44% vs last year. Contracts signed last week +46% vs last year. Since Nov, contract activity has surpassed historical average. Why? Buyers locking in low mortgage rates and not wanting to miss out.

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Manhattan, New York property report: weekly new listings and weekly contracts signed.

Weekly contracts signed has been increasing since July, which was the bottom of the sale market. Driven by low interest rates and not wanting to miss out, buyers are back and very active. I was looking at 2BRs for a client and 3/4 of the ones we targeted were sold!