Manhattan home sale days on market hit a
7-year high

Inventory could hit record high this spring: StreetEasy

Mar.March 21, 2019 06:00 PM

A real estate broker waiting at a home for sale (Credit: iStock)

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

Related Articles

Bernie Sanders (Credit: Getty Images)

Bernie Sanders throws support behind New York rent-suspension bill

Web searches for terms including “homes for sale” are way down up north. (Credit: Pixabay)

Fewer Canadians are searching for homes online amid pandemic

The 30-year fixed rate dropped to 3.5 percent this week (Credit: iStock)

Mortgage rates fall, but who’s buying?

Massive stimulus package has limited upside for real estate

Massive stimulus package has limited upside for real estate

About 450 sellers pulled their listings last week (Credit: iStock)

As New York shut down, so did its resi market

Gov. Andrew Cuomo (Credit: Bennett Raglin/Getty Images)

NY regulators lay out specifics of homeowner mortgage break

Real estate brokers across the country have been adding standardized coronavirus-related legal language and addendums to help buyers manage risk.

The coronavirus clause is now a thing in resi deals

Is REBNY and StreetEasy’s decision a much-needed reprieve or data manipulation? (Credit: Pixabay)

Decision by StreetEasy, REBNY to stop market clock triggers debate