Wave of NYC Home Sales May Point to Strengthening Market
April's rise in sales and dip in new listings should give hope to NYC sellers, according to the StreetEasy April 2019 Market Reports
NEW YORK, May 23, 2019 /PRNewswire/ -- 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 salesi 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 home this year. While more homes went into contract, less inventory 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 Indexii 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." See below for additional sales and rental market trends across Manhattan, Brooklyn and Queens. April 2019 Key Findings — Manhattan
April 2019 Key Findings — Brooklyn
April 2019 Key Findings — Queens
The complete StreetEasy Market Reports for Manhattan, Brooklyn and Queens, with additional neighborhood data and graphics, can be viewed at streeteasy.com/blog/research/market-reports/. Definitions of StreetEasy's metrics and monthly data from each report can be downloaded at https://streeteasy.com/blog/data-dashboard/. About StreetEasy StreetEasy is New York City's leading local real estate marketplace on mobile and the web, providing accurate and comprehensive for-sale and for-rent listings from hundreds of real estate brokerages throughout New York City and the NYC metropolitan area. StreetEasy adds layers of proprietary data and useful search tools to help home shoppers and real estate professionals navigate the complex real estate markets within the five boroughs of New York City, as well as Northern New Jersey. Launched in 2006, StreetEasy is based in the Flatiron neighborhood of Manhattan. StreetEasy is owned and operated by Zillow Group (NASDAQ: Z and ZG). StreetEasy is a registered trademark of Zillow, Inc. i StreetEasy defines pending sales as homes that are in-contract. An offer has been made and accepted, and the closing is pending. ii The StreetEasy Price Indices track changes in resale prices of condo, co-op, and townhouse units. Each index uses a repeat-sales method of comparing the sales prices of the same properties since January 1995 in Manhattan and January 2007 in Brooklyn and Queens. Given this methodology, each index accurately captures the change in home prices by controlling for the varying composition of homes sold in a given month. Levels of the StreetEasy Price Indices reflect average values of homes on the market. Data on the sale of homes is sourced from the New York City Department of Finance.Full methodology here. iii The Upper Manhattan submarket includes Hamilton Heights, Washington Heights, Inwood, West Harlem, Central Harlem, East Harlem, Manhattanville and Marble Hill. iv The Upper West Side submarket includes Lincoln Square, Upper West Side, Manhattan Valley and Morningside Heights. v The North Brooklyn submarket includes Greenpoint and Williamsburg. vi The South Brooklyn submarket includes Sunset Park, Bay Ridge, Dyker Heights, Bensonhurst, Bath Beach, Gravesend, Borough Park, Kensington, Coney Island, Brighton Beach, Ditmas Park, Seagate, Flatbush, Midwood, Sheepshead Bay, Manhattan Beach, East Flatbush, Canarsie, Flatlands, Marine Park, Bergen Beach, Old Mill Basin, Greenwood and Gerritsen Beach. vii The Northwest Queens submarket includes Astoria, Long Island City, Sunnyside and Ditmars-Steinway. View original content to download multimedia:http://www.prnewswire.com/news-releases/wave-of-nyc-home-sales-may-point-to-strengthening-market-300855540.html SOURCE StreetEasy |
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