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StreetEasy:New York home sales may point to strengthening the market

by Audrey Hazel

The home sales market in New York may be strengthening as the number of contracted homes for sale in April soared, especially in Manhattan, and Manhattan’s sales for sale increased 26.6% from last year, the highest level since the spring of 2015. Therefore, the housing sales market in the New York area is also worth looking forward to.

The data shows that compared with last year, the number of houses listed in Manhattan decreased by 9.6% in April this year, and the total sales inventories in the city grew at the slowest rate in a year. In Brooklyn and Queens, inventory growth slowed sharply from the March high. New Brooklyn stocks increased by 2.2% in April, Queens stocks increased by 13.4%, and in March they increased by 31.6% and 26.3% respectively.

Price growth remained weak across ManhattanBrooklyn and Queens. The StreetEasy Manhattan Price Index fell to $1,105,595 — down 5.2% from last year and the largest drop since the financial crisis. Prices in Brooklyn were also down 0.4% from last April, dropping to $706,582. In Queens, prices continued to grow, but at the slowest pace since 2016 — up 2.4% to $516,739.

“While many sellers are still struggling to attract a buyer, April brought some good news to those who have feared a continued slide in the sales market,” says StreetEasy Senior Economist Grant Long. “Early signs tell us that some sellers are finally pricing their homes more realistically and finding buyers when they do so. Those still struggling to find the right buyer should take this as a sign to revisit their pricing expectations. Buyers are out there, but with most of the bargaining power in their hands, they’re going to continue to hold out for more reasonable prices.”

See below for additional sales and rental market trends across ManhattanBrooklyn and Queens.

April 2019 Key Findings — Manhattan

  • The most homes went into contract since 2015. The number of pending sales in Manhattan increased 26.6% from last year, up by more than 250. The number of homes entering contract in Upper Manhattan doubled year over year, from 66 to 132.
  • Inventory growth slowed. While sales inventory growth remained in the double digits at 10.8%, it still moved at the slowest pace in 13 months. The volume of new inventory hitting the market shrank by 9.6% over last year.
  • Prices continued to drop. The StreetEasy Manhattan Price Index fell 5.2% from last April — down by $60,096 to $1,105,595, the lowest level since May 2015.
  • As sellers priced homes more strategically from the start, fewer made price cuts. The share of homes with a price cut fell slightly for the first time in 13 months. Some 14.1% of Manhattan homes saw a price decrease in April — down 0.6 percentage points from last year. The share of price cuts fell the most in the Upper West Sideiv — down 2.1 percentage points to 14.2%.
  • Luxury home inventory dropped slightly. The number of homes for sale priced within the top 20% of the market fell by 0.3%, the first year-over-year decrease in inventory since February 2018.

April 2019 Key Findings — Brooklyn

  • Pending sales rose the most in the city. Of the boroughs analyzed, the number of homes entering contract grew the most in Brooklyn — up 30% from last April.
  • The pace of inventory growth slowed. In April, 2.2% more homes were added to the market than the same time last year, pushing for-sale inventory in Brooklyn to a new high.
  • Brooklyn prices stagnated overall, and dropped significantly in North BrooklynThe StreetEasy Brooklyn Price Index fell just 0.4% since last year to $706,582. In North Brooklynv, the borough’s most expensive submarket, prices fell at the fastest pace since 2011 — dropping 2.0% to $1,120,548.
  • The share of price cuts rose slightly. Borough wide, 11.6% of homes for sale were discounted — up 1.5 percentage points from last year. All five submarkets in the borough had an increased share of price cuts, though North Brooklyn saw the most, with its share of discounts increasing by 1.8 percentage points to 11.7%.
  • Homes spent more time on the market. Brooklyn homes for sale spent a median of 60 days on the market in April — up 11 days from last year. Homes in South Brooklynvi came off the market three days faster than this time last year, to a median of 65 days on the market.

April 2019 Key Findings — Queens

  • More homes entered contract than last year. Following a similar trend to the rest of the city, Queens saw 10% more pending sales than last April. In Northwest Queensvii, 4.1% more homes entered contract over last year, but the submarket experienced a significant drop from the month prior, with 100 more pending sales in March than in April.
  • Sales inventory growth slowed. While total inventory rose by 21.1% in the borough, it was the smallest increase since last summer. New inventory added to the Queens sales market in April was up by 13.4% year-over-year.
  • Prices grew, but at the slowest rate in two years. The StreetEasy Queens Price Index reached $516,739 — up 2.4% from last year. Price growth in the borough showed signs of slowing from the higher rates seen since 2016, including the peak growth rate of 7.3% which occurred in June 2018.
  • Price cuts rose slightly. The share of price cuts in Queens was the smallest out of the boroughs analyzed at 9.9%, up 1.3 percentage points from last year. Northwest Queens saw a decrease in the share of price cuts — down 2.6 percentage points to 12.4%
  • Homes spent more time on the market. Homes in Queens spent a median of 57 days on the market — an increase of 9 days from last year, but the shortest period of the boroughs analyzed.

About StreetEasy

StreetEasy is New York City’s leading local real estate marketplace on mobile and the web, providing accurate and comprehensive for-sale and for-rent listings from hundreds of real estate brokerages throughout New York City and the NYC metropolitan area. StreetEasy adds layers of proprietary data and useful search tools to help home shoppers and real estate professionals navigate the complex real estate markets within the five boroughs of New York City, as well as Northern New Jersey.

Launched in 2006, StreetEasy is based in the Flatiron neighborhood of Manhattan. StreetEasy is owned and operated by Zillow Group (NASDAQ: Z and ZG).

StreetEasy is a registered trademark of Zillow, Inc.

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1 comment

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