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

Upper East Side had sharpest listings increase at 20%

TRD NEW YORK /
Jun.June 22, 2018 09:50 AM

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.

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


Related Articles

arrow_forward_ios
From left: 55 East 74th Street, 9 East 82nd Street, 1 Central Park South, 78 Irving Place with Adam Neumann and 111 West 57th Street (Credit: StreetEasy, Wikipedia, Getty Images)

Adam Neumann’s triplex, Russians’ Plaza pad were priciest homes listed last week

3 East 69th Street and 252 East 57th Street 

With asking prices in freefall, luxury market sees strong week

Keller Williams CEO Gary Keller

Keller Williams will cut off agents who leave

Wall Street bonus season is the stuff home sellers’ dreams, as they picture eager buyers armed with hefty bonus checks and willing to pay top price. But in a buyer’s market that vision may be more like a mirage (Credit: iStock)

Here’s what Wall Street bonus season means for real estate this year

Adam Neumann and 78 Irving Place (Credit: Getty Images and StreetEasy)

Adam Neumann is asking $37M for Gramercy Park triplex

(Credit: iStock)

Residential rents continue upward march in Manhattan, Brooklyn and Queens

Redfin's Glenn Kelman (Credit: iStock)

“It’s on like Donkey Kong”: Redfin scrambling to keep up with iBuyer demand

Don Lemon and Tim Malone with their apartment at 2280 Frederick Douglass Boulevard 

CNN’s Don Lemon lists Harlem condo with fiancé broker Tim Malone

arrow_forward_ios
Loading...