The average Manhattan home sold last month had spent more time on the market than any time since 2012, according to StreetEasy’s February market report.
The median time from listing to contract rose to 117 days in February, nearly a month longer than the February before. The increase in days on market appeared in all areas and price points, with Downtown Manhattan seeing the biggest increase, the report says.
Owners will have to start offering deeper discounts if they want to seal a deal in such a crowded market, StreetEasy senior economist Grant Long told Bloomberg.
StreetEasy’s price index for Manhattan fell 4.3 percent to $1.1 million, with the Upper West Side hitting its lowest level since mid-2015.
Long also said that he expects inventory to hit record highs this spring, after rising 11.7 percent from a year before. [Bloomberg] — Kevin Sun