The Real Deal New York

New York Metro a top market for buyers, not sellers: Zillow study

Cleveland rated the best town for house hunters; San Jose No. 1 for those looking to unload

March 21, 2014 08:37AM

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Stan Humphries and downtown Cleveland, Ohio

The New York Metro area is one of the top U.S. markets for buyers, but not for sellers, according to a new study from Zillow.

Buyers in Cleveland, Philadelphia and Tampa are likely to have more options when it comes to inventory with price chops or that have been on the market for a long time. New York came in at No. 7 on the ranking. San Jose, San Francisco and San Antonio, meanwhile, dominated the list of the top 10 sellers’ markets in the U.S. – with New York nowhere to be found.

“In the East, housing markets are appreciating a bit more slowly, and homes are staying on the market longer, which helps give buyers the upper hand,” Stan Humphries, chief economist for Zillow, told Forbes. “In general, buyers in sellers’ markets this spring can expect tight inventory, increased competition and a greater sense of urgency.”

Market reports and brokers’ accounts largely conflict with the report, with examples of tight inventory and robust sales that favor sellers. With few new properties on the market, buyers’ brokers have had difficulty finding apartments to show their clients, since many apartments get snapped up even before they are listed online, as The Real Deal reported. [Forbes]Mark Maurer

  • SellingBK

    This is written proof Zillow knows absolutely nothing about New York City.

  • Lam Piebman

    These guys are such hacks. They have Zestimates for Park Slope townhouses at $600K. Zillow has no sense for NYC real estate.

  • NYC BROKER

    Wow if only this was true! Zillow is garbage!

  • IG

    Lmao! Who’s the idiot that came up with this? Obviously he’s never been in NY and definitely has not tried to buy anything in NY.

  • Trulia

    How they have a $100 stock price is beyond me. This is a company which has brokers in every region hating their site and business model. It’s a business that has no sustainability and none of their data is relevant.

  • 50Grand

    So $3500 a sf on average for new construction is indicative of a “buyers market”? This guy is a genius. Someone please get Copernicus a plane ticket to New York City and set him up with an agent to go see properties for a day. Good grief. And this is a company that’s currently trading at all time highs.

  • Susan Little

    Zillow? Really? Zillow has no credibility in NYC. There is not an agent or broker out there who does not advise all clients against using their site. This proves they know nothing about our market. Real Deal, how can you possibly print this as a reliable assessment of our market? Just check out their Zestimate to know how utterly clueless they are. You should know better than to quote them as a reliable source. Why don’t you call Pam Liebman of Corcoran for some proper stats.

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