05/31/2019
According to StreetEasy...
The number of for-sale homes going into contract spiked in April, particularly in Manhattan, an indicator that the NYC sales market may be strengthening. Pending sales [i] in Manhattan increased 26.6% from last year, reaching their highest levels since the spring of 2015 — an encouraging sign for New Yorkers looking to sell their homes this year.
While more homes went into contract, fewer hit the market. There were 9.6% fewer homes listed for sale in Manhattan this April compared to last year, and total sales inventory available in the borough grew at the slowest pace in a year. In Brooklyn and Queens, inventory growth slowed significantly from the highs we saw in March. New inventory increased by 2.2% in Brooklyn and 13.4% in Queens in April, compared to an increase of 31.6% and 26.3%, respectively, in March.
Price growth remained weak across Manhattan, Brooklyn and Queens. The StreetEasy Manhattan Price Index [ii] fell to $1,105,595 — down 5.2% from last year and the largest drop since the financial crisis. Prices in Brooklyn were also down 0.4% from last April, dropping to $706,582. In Queens, prices continued to grow, but at the slowest pace since 2016 — up 2.4% to $516,739.
“While many sellers are still struggling to attract a buyer, April brought some good news to those who have feared a continued slide in the sales market,” says StreetEasy Senior Economist Grant Long. “Early signs tell us that some sellers are finally pricing their homes more realistically and finding buyers when they do so. Those still struggling to find the right buyer should take this as a sign to revisit their pricing expectations. Buyers are out there, but with most of the bargaining power in their hands, they’re going to continue to hold out for more reasonable prices.”
