NYC Sales Inventory Hits Record as Sellers Refuse to Ease Prices

NEW YORK, Oct. 24, 2019 /PRNewswire/ -- The number of homes for sale reached new highs in Brooklyn and Queens and jumped to near-highs in Manhattan, according to the Q3 2019 StreetEasy Market Reportsi. This latest data shows no imminent change to the gridlocked dynamics of New York City's sales market, where stubbornly high asking prices, especially in Manhattan, have driven away many potential buyers.
NYC Sales Inventory Hits Record as Sellers Refuse to Ease Prices
The increase in for-sale inventory also means greater competition among home sellers. But those sellers are not responding with more price cuts: the share of listings with a price cut remained unchanged from last year. In Manhattan, this figure fell to its lowest level of 2019, with 23.7% of sellers offering a discount. The share of price cuts offered in Brooklyn rose just one percentage point to 22.3%, and remained about the same in Queens, at 19.3%.Nor are sellers willing to meet buyer demand with deeper discounts. The median size of price cuts in Manhattan, Brooklyn and Queens remained unchanged since last year, at 5.3%, 5.1%, and 4.3%, respectively.Still further signs of a lagging sales market can be seen in price growth. In Manhattan, the StreetEasy Price Indexii fell 4.4% to $1,093,562 a?? its lowest level since 2015. In Brooklyn and Queens, price growth was essentially flat. These figures, calculated using data on home sales that closed, show that the sellers who priced their homes at more realistic levels were the ones who found buyers.
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