Hey everyone, it's James at Yoreevo, New York's #1 commission rebate brokerage with our first Manhattan Market Update of the year. When we do these market updates, we generally look at contract activity, inventory, and mortgage rates, and all three of those are flashing warning signs for the market. If you go back to the fall, it was all systems go. We had higher contract activity, lower supply and lower mortgage rates. All three of those are changing, or at least they have so far in January. When we look at contract activity, we were flat year over year. If you go back to the fall, we were seeing 20-30% increases. So that sounds really bad, but as we told you then, the strength in the fall was primarily a function of very easy comparisons. Late 2023 was very weak, so even decent numbers in 2024 looked really good in comparison. When we look at demand versus normalized levels of demand, you can see we did have a pullback, but we're still okay. So contract activity is okay. On the inventory front, kind of the same thing there. In the fall, we were seeing declines and we were seeing accelerating declines. The declines were getting more significant, bigger declines each month. That also changed this month. We saw a 6% decline in inventory in January. That was down about 9% at the end of December. So I put together the same chart, which I think summarizes the situation pretty well. You can see that move to the downside was reversed in January and we're back to levels that we were seeing in the summer. And then finally on mortgage rates, this isn't really anything new, but mortgage rates continue to bounce around 7%. So buyers aren't getting any breaks there. So if we were to see inventory, as long as inventory stays down, I think things are generally fine. But if we start to see sellers putting their apartments on the market, getting some of that pent up supply released on the market, that's when we could get a one, two punch where we have a lower affordability, so lower demand and more supply, obviously that's going to result in lower prices. So this is what we're watching. January is always a very slow month, so you don't want to over extrapolate, but it is interesting that all three of these are flashing warning signs at the same time. So we're getting into the spring selling season. If you are looking to get started with your search, we'd be happy to help. You can reach out to us at info@yoreevo.com. We'll slice and dice this data specific to your search, walk you through the buying process, and of course get you a commission rebate for up to 2% on any property in New York City. Thank you for watching and we will see you next month. Bye.