This wasnít the case less than two years ago. We arenít seeing a lot of new listings coming up right now but we expect to see an increase in inventory in the upcoming year. Typically, the end of the year is not a strong time for new listings but the number of closings on Christmas Eve and New Yearís Eve in 2013 tell the tale. Banks are taking longer than ever to sign off on mortgages, so cash buyers are still greatly favored. Sellers are accepting less in many cases, in order to have a deal without a mortgage. Boards continue to be a little particular, adopting the attitude that it is easy to get another buyer if there is a rejection.
Overall the Upper East Side market hasnít drastically changed between the third and fourth quarters. Prices are moving up and next year looks promising. Sellers can expect strong prices and buyers can expect a slightly broader choice as more properties appear for sale