LACKIE: Could consumer sentiment be improving?

For all the talk of the role interest rates play in real estate, I believe there is no market force as powerful as consumer sentiment.

But we know that even in times of economic uncertainty life goes on. Families form, expand, come apart. Demand pents up.

On an egregiously underlisted property that shouldn’t be surprising — all strategies available are currently being employed to help sellers move their product — but it’s not just the underpriced with such activity. I can think of three fairly-priced properties just last week in midtown that had multiple offers and sold somewhere between 3% and 7% over list.

And the thing we should have learned about sentiment by this point is that it often defies reason. Sometimes those of us on the ground can note discernible shifts that will still take months to see supported by stats. The sales metrics for January 2023 are absolutely abysmal. We had fewer transactions than during the early days of the pandemic lockdown. According to TRREB data, January reported a 45% decline in transaction volume over last year while prices came down a full 16%

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