The Second Quarter Market Report prepared by Jonathan Miller of Miller Samuel Appraisers and released by Prudential Douglas Elliman shows that prices, inventory and interest rates are all climbing. Let’s not forget that The Corcoran Report prepared by Mitchell, Maxwell and Jackson does not concur.
Surely, both of these gentleman and the respective companies that released these reports have gone to great lengths to report the most accurate numbers, but the discrepency between the reports can’t be ignored. If Mr. Jackson from Mitchell, Maxwell and Jackson had particpated in the Podcast for The Real Deal, we would hear a very different report based on the data he used for The Corcoran Report.
What does this all mean? Well, they both agree that inventory has increased greatly and everyone has watched interest rates rise. Buyers are gaining more power in this current market and many developers have become negotiable with prices of their projects. I believe the third quarter numbers will be more telling as to exactly where we are in the market.
As confusing as all of this is, there has never been a more important time to have a seasoned real estate professional guide you through a mind boggling plethora of numbers.