Back in 2015, were you one of the maniacal fans desperately trying to score tickets to see Hamilton? Perhaps you’ve tried hailing a cab in the middle of a rainstorm in Midtown Manhattan. Or, maybe in March of 2020 you found yourself standing in the middle of aisle 6B at Wegmans pondering the question, “How am I going to wipe?”
Like today’s housing crisis, each of these scenarios is tied to the problem of scarcity. Five years ago, there were 2,200 homes available for sale in Monroe County. Today, there are 389. I suppose that, in some ways, we should celebrate. Last week there were a paltry 311 single-family properties on the market to purchase. How or when this logjam is going to end is a matter of great speculation. Business and economic cycles are usually comprised of four distinct phases- expansion, peak, contraction, and trough. A strong argument could be made that we’re currently mired in a trough and we’re eventually going to enjoy an expansion of inventory. The question, however, is “when”. During times of uncertainty, Americans decide not to make large financial moves and, today, there is A LOT of uncertainty- the war in Ukraine, inflation, and rising interest rates all come to mind. If I were to speculate, it’s going to be several years before we find any relief.
Thankfully, Hamilton is now streaming on Disney+, finding a cab in New York City is now an easier task thanks to Uber and, last I saw, Wegmans was adequately stocked with toilet paper. To quote one of Abraham Lincoln’s favorite aphorisms- this too shall pass. Unfortunately, I think that it’s going to take some time. Thankfully, my team and I continue to buck the trend and do well. It looks as though we’re going to conclude the month of March with $14.7 million in sales- our best thirty-day period ever. We continue to be grateful to the many friends and clients who have referred business and we’re doing our best to thank you personally. We know that we can’t enjoy this kind of success without your assistance and we pledge to continue providing a great experience for those to whom you’ve entrusted us.
Thank you!