State of The Market May Edition

It has been a busy four months in 2022, and Lofts and Condos moved very well. Some buildings are better than others, but even units that were sitting on the market started moving. Market Lofts, which has a large inventory and was slow in 2021, shows signs of life and movement.
Interest rates are going up, and they are much higher than they were last year, that’s creating urgency on buyers and forces them to act sooner than later. Adjustable-rate mortgage loans doubled in the past month as they have lower rates, but even those are around 4% now. Two-bedroom units are moving quicker than one bedroom, which is caused by buyers being priced out of houses and hoping to secure something before it is too late. The Arts District is still very hot, and the days on the market there are low. There are fewer listings on the market, and the lack of inventory motivates the buyers. Lease prices are climbing up again even though the eviction moratorium is still in place. Overall the market is looking good.

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