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New York

Home inventory in Manhattan is increasing. Too bad buyers aren’t following suit.

Upper East Side had sharpest listings increase at 20%

Upper West Side (Credit: Wikipedia)
Upper West Side (Credit: Wikipedia)

Homes in Manhattan keep hitting the market, but buyers just aren’t that interested.

A StreetEasy report found that the number of homes for sale in the borough increased by 17 percent in May compared to May 2017, which was the largest increase since 2010. The borough had 9,720 properties listed at the end of last month.

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The biggest increase was on the Upper East Side, which saw a 20 percent increase in listings, according to StreetEasy data provided to Bloomberg. Former hedge fund manager Philip Falcone listed his townhouse in the neighborhood earlier this year for $39 million.

Sales are going in the opposite direction, however, seeing a 38 percent decline, according to StreetEasy. Senior economist Grant Long wrote in the report that sellers were counting on strong demand during the traditionally strong summer months, “but this summer’s market has turned out to be a crowded one.”

Brooklyn saw a year-over-year listings surge of 23 percent, while Queens saw an increase of 43 percent. [Bloomberg] – Eddie Small