NEW YORK, June 20, 2019 /PRNewswire/ -- The number of home
sales in Manhattan, Brooklyn and Queens rose in May, with Queens seeing the largest spike: a 25.6%
annual increase, according to the StreetEasy May Market
Reportsi. The activity in Queens contributed to a new pending
salesii record for the borough, with 505 homes entering
contract — 103 more than the same period last year.
In Manhattan, pending sales
increased slightly compared to last year, at 2.7%. While this jump
is much less significant from the previous month's increase of
22.7%, it is still an encouraging sign for those in the borough
looking to sell their home this year, given that prior to April,
pending sales declined in every month since January 2018, with the exception of January
2019. In Brooklyn, the number of pending sales stagnated year
over year, rising just 0.3% across the borough.
While the number of homes entering contract rose, prices showed
early signs of strengthening. The StreetEasy Manhattan Price
Indexiii fell 4.7% year over year, to $1,106,560. While a significant decline, this is
the first time the rate of decline has slowed from month to month
since August 2018. Prices in
Brooklyn also showed possible
early signs of a market rebound: The StreetEasy Brooklyn Price
Index rose 0.9% after turning negative last month, reaching
$711,771, its highest level since
November 2018. In Queens, price growth continued, but at the
slowest pace since November 2016
(2.1%), reaching $518,965.
"While we are still in peak home shopping season, May brought
more indicators that the NYC sales
market may be strengthening," says StreetEasy Data Analyst
Nancy Wu. "Buyers seem to be
accepting the more realistic prices they're seeing, and the sales
uptick in Queens shows that there
is still demand for the value found in some of the more affordable
areas of the city. That said, inventory is still sky-high, and the
market is still weak. It remains to be seen whether these trends
will continue, or if these numbers are simply a result of motivated
buyers making moves during home shopping season."
See below for additional sales and rental market trends across
Manhattan, Brooklyn and Queens.
May 2019 Key Findings —
Manhattan
- More homes went into contract. The number of pending
sales in Manhattan increased 2.7%
annually, reaching 1,097. Pending sales in the Upper West
Sideiv increased 19.1% year-over-year, reaching their
highest level since July 2015.
- Prices dropped, but at a slower rate than last month.
The StreetEasy Manhattan Price Index dipped 4.7% year over year, to
$1,106,560. Prices only rose in Upper
Manhattanv, the borough's least expensive submarket,
where they reached $582,454 — up 8.0%
from last year.
- Inventory reached new highs, but growth
slowed. While sales inventory reached new highs in the
borough and increased 8.3% from last year, the pace of growth was
the lowest since March 2018.
- Homes lingered on the market for longer. Median days on
market increased by nearly two weeks (13 days) to 68 days in the
borough — the fastest rate homes have moved off the market so far
in 2019.
- The share of price cuts remained about the
same. The share of price cuts in Manhattan was 15.5% in May, a slight annual
increase of 0.2 percentage points.
May 2019 Key Findings —
Brooklyn
- Pending sales stagnated. Of the boroughs analyzed, the
number of homes entering contract remained unchanged in
Brooklyn since last year, at 718
homes. Pending sales did grow month over month across the borough,
with 14 more homes sold in May than in April.
- Prices showed early signs of growth. After price growth
turned negative last month, the StreetEasy Brooklyn Price Index
reached $711,771 — the highest level
since November 2018, and an annual
increase of 0.9%.
- Sales inventory reached new highs. In May, 16.5% more
homes were for sale than at the same period last year. While
inventory growth brought the total number of homes for sale to new
highs, the pace of growth was the slowest since August 2018. Inventory rose across all submarkets
in the borough, except for North
Brooklynvi, where it fell 4.5% annually.
- Homes in North Brooklyn
remained on the market for an additional three weeks. The
median number of days on market in North
Brooklyn rose to 72 — some 25 more days than last year. In
Northwest Brooklynvii,
homes in the submarket moved off the market 13 days sooner, with
the median time on market dropping to 47 days.
- More sellers offered price cuts. The share of price cuts
in Brooklyn rose by 2.8 percentage
points to 14.6%. While the number of price cuts rose, the median
cut amount remained roughly the same — down 0.3 percentage points
to 4.2%.
May 2019 Key Findings —
Queens
- More homes entered contract than ever before.
Queens saw a 25.6% uptick in
pending sales in May, resulting in a new record for the borough,
with 505 homes entering contract.
- Prices rose, but at a slower rate. The StreetEasy Queens
Price Index rose 2.3% from last year to $518,965. This growth rate was the slowest the
borough has seen since November
2016.
- Sales inventory grew the most in Queens. Total sales inventory increased by
18.6% in Queens — the highest rate
of all boroughs analyzed. Inventory decreased in only one
submarket: Northwest Queens, which
saw a 5.3% dip in total homes for sale.
- Homes sold the fastest in Queens. Of the boroughs analyzed,
Queens was the only one where
median days on market decreased — down three days year over year,
to 56 days.
- More than 1 in 10 homes had a price cut. The share of
homes with a price cut rose by 1.3 percentage points across the
borough, to 11.8%. In Northwest
Queens, price cuts became more difficult to find, with the
share of homes with a discount dropping by 2.5 percentage points
annually, to 11.1%.
The complete StreetEasy Market Reports for Manhattan, Brooklyn and Queens, with additional neighborhood data and
graphics, can be viewed here. Definitions of StreetEasy's metrics
and monthly data from each report can be explored and downloaded
via the StreetEasy Data Dashboard. For a look at the latest
capabilities of the StreetEasy Data Dashboard, which was revamped
in June, visit here.
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.
i The StreetEasy Market Reports are a monthly
overview of the Manhattan,
Brooklyn and Queens sales and rental markets. Every three
months, a quarterly analysis is published. The report data is
aggregated from public recorded sales and listings data from real
estate brokerages that provide comprehensive coverage of
Manhattan, Brooklyn and Queens, with more than a decade of history for
most metrics. The reports are compiled by the StreetEasy Research
team. For more information, visit
https://streeteasy.com/blog/research/market-reports. StreetEasy
tracks data for all five boroughs within New York City, but currently only produces
reports for Manhattan,
Brooklyn and Queens.
ii StreetEasy defines pending sales as homes that
are in-contract. An offer has been made and accepted, and the
closing is pending.
iii The StreetEasy Price Indices track changes in
resale prices of condo, co-op, and townhouse units. Each index uses
a repeat-sales method of comparing the sales prices of the same
properties since January 1995 in
Manhattan and January 2007 in Brooklyn and Queens. Given this methodology, each index
accurately captures the change in home prices by controlling for
the varying composition of homes sold in a given month. Levels of
the StreetEasy Price Indices reflect average values of homes on the
market. Data on the sale of homes is sourced from the New York City
Department of Finance. Full methodology here.
iv The Upper West Side submarket includes
Lincoln Square, Upper West Side,
Manhattan Valley and Morningside Heights.
v The Upper Manhattan submarket includes Hamilton
Heights, Washington Heights,
Inwood, West Harlem, Central
Harlem, East Harlem, Manhattanville and Marble Hill.
vi The North Brooklyn submarket includes Greenpoint
and Williamsburg.
vii The Northwest Brooklyn submarket includes
Downtown Brooklyn, Fort Greene,
Brooklyn Heights, Boerum Hill, DUMBO, Red
Hook, Gowanus, Carroll Gardens, Cobble Hill, Columbia St.
Waterfront District and Clinton
Hill.
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SOURCE StreetEasy