The Real Deal New York

Lingering listings: Manhattan’s five slowest resi markets

These neighborhoods have slowed significantly
December 02, 2018 03:30PM

(Credit: iStock)

It’s no secret that the market slowdown has kept listings on the market for longer. But the shift in a few Manhattan neighborhoods has been particularly pronounced.

The median number of days on market for listings in Manhattan is up to 96, according to StreetEasy Market Reports. That’s a week longer than last year.

Time on market in Battery Park City, however, has shot up by four weeks to 99 days. The median sale price is $902,500. The change is due in part to sellers’ unrealistic expectations and lack of willingness to adjust pricing, the report said.

The latest data comes as the Manhattan residential market has seen a prolonged slowdown. In the third quarter, the number of sales dipped 11.3 percent over the same period last year, according to Douglas Elliman. Prices keep falling too: the median sales price slid 4.5 percent to $1.1 million.

The Upper East Side was second most-affected on the list, with days on market increasing by 25 days to 109. It’s now one of the city’s slowest sales markets, the report said. The UES is faring only slight better than Central Park South, where median days on market was last reported at 114.

The Upper West Side and Chelsea rounded out the list, with increases of 20 days and 17 days, respectively. [StreetEasy] — Meenal Vamburkar