Lingering listings: Manhattan’s five slowest resi markets

These neighborhoods have slowed significantly

TRD WEEKEND EDITION /
Dec.December 02, 2018 03:30 PM

(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


Related Articles

arrow_forward_ios
Alex Rodriguez (Photos by Guerin Blask)

A-Rod is coming for NYC and SoFla real estate

There will be 70 agents based at the new office (Credit: iStock)

Compass opens Long Island City office as new-development sales surge

From left: 305 East 47th Street and 286 River Avenue (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

The Daily Digest - Tuesday

New life for Toys “R” Us, Masa Son is “embarrassed” with the Vision Fund: Daily digest

Nooklyn CEO Harley Courts (Credit: iStock)

Brokerage slashes agent commissions, delays payments after rent law change

The Daily Digest - Tuesday

NYC apartment prices hit 4-year low, Pacific Park developers reveal new plans: Daily digest

LeBron wanted it and California’s governor signed it. What the college athlete compensation law means to real estate

Racial inequality in homeownership across US is sharpest in New York: report

arrow_forward_ios