As inventory shrinks, suburban NYC home market calms down a bit

YOY growth in number of contracts drops sharply in June

Tri-State /
Jul.July 02, 2021 11:10 AM
Additional reason for the slowdown in contract signings is shrinking inventory, which is likely to make the market even more competitive. (iStock)

Additional reason for the slowdown in contract signings is shrinking inventory, which is likely to make the market even more competitive. (iStock)

The buying frenzy in New York City suburbs is finally slowing down.

A June housing market report shows year-over-year growth slowing in the number of single-family home contracts signed in Greenwich, Westchester and Long Island, Bloomberg News reported.

For example, the annual increase on Long Island last month was 14 percent versus 162 percent in May, according to the Elliman Report by Jonathan Miller of appraisal firm Miller Samuel.

He theorized that the decline has to do with would-be buyers getting worn down and turning their attention to other endeavors as the pandemic eases.

“Losing your fifth bidding war on a property is discouraging,” Miller told the outlet. “Part of this is consumers being fatigued with the process, and having other options in life these days, like vacations and travel.”

Westchester’s year-over-year growth in contract signings last month was 20 percent, down from May’s 81 percent. Greenwich’s growth in June was 50 percent, while its rate in May was 259 percent.

The May increases were especially high because contracts signings in May 2020 were depressed by the onset of the pandemic. Covid deaths in the tri-state area peaked in April of last year, and in-person home showings largely ceased for months.

Another reason for the slowdown in contract signings is shrinking inventory, which is likely to make the market even more competitive. The number of single-family homes for sale in June declined by 45 percent in Westchester, 3 percent on Long Island, and 11 percent in Greenwich.

“We ran out of inventory,” Douglas Elliman’s President Scott Durkin told the publication.

[Bloomberg News] — Akiko Matsuda






    Related Articles

    arrow_forward_ios
    Size, security, transparency: Great Neck apartment project delayed following local pushback
    Size, security, transparency: Great Neck apartment project delayed following local pushback
    Size, security, transparency: Great Neck apartment project delayed following local pushback
    eXp CEO Glenn Sanford and Corofy CEO Eddy Boccara (eXp, Corofy, iStock)
    Some like it hot: Influx of agents into Hudson Valley accelerates in September
    Some like it hot: Influx of agents into Hudson Valley accelerates in September
    (Getty)
    Homeowners declare final victory in fight over Amagansett “Truck Beach”
    Homeowners declare final victory in fight over Amagansett “Truck Beach”
    Tritec Principal Robert Coughlan with the project (Tritec)
    Tritec lands $173M for Bay Shore Residences
    Tritec lands $173M for Bay Shore Residences
    The office space (JLL)
    Amazon plans last-mile distribution center in Hauppauge
    Amazon plans last-mile distribution center in Hauppauge
    Trump Plaza New Rochelle at 175 Huguenot Street and Donald Trump (Getty, Anthony22/Wikimedia)
    Trump Plaza New Rochelle dumps Trump Org as property manager
    Trump Plaza New Rochelle dumps Trump Org as property manager
    Cedar Realty Trust President and CEO Bruce Schanzer (Cedar)
    Cedar Realty Trust considering sale
    Cedar Realty Trust considering sale
    The New Hyde Park Target is going to be adding a level (Google Maps)
    Target’s unopened New Hyde Park store already growing
    Target’s unopened New Hyde Park store already growing
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...