NYC Inventory Check: APRIL vs MAY
A: Here is the monthly report showing the # of NEW LISTINGS that have come to market across New York City. In the graph below I compiled data based on certain price groups and compared the # New Listings that came to market in APRIL vs MAY.
Neighborhoods Included: Battery Park City, Central Park South, Chelsea, Clinton, E. Harlem, E. Village, Financial District, Flatiron District, Gramercy, Greenwich Village, Harlem, Little Italy/Chinatown, Lower East Side, Midtown, Murray Hill, SoHo, Sutton Area, Tribeca, Upper East Side, Upper West Side, W. Village
CONCLUSIONS: Well on first glance I can't help but notice the surge in new listings in the $501K-$750K price group in May versus April; which is about a 51% increase month to month. In fact, every price group under $1M has experienced an increase in new listings with the excpetion of the little guys under $250K which stayed the same! The higher end listings data is erratic with a jump in the $3.001M+ price group but a notable decline in the $2.001M-$2.5M price group.
I'm still a bit new at this graph stuff and anaylzing the data so if anyone has recommendations on how I can get a better dataset or if I should be anaylzing a completely different topic, please post a comment and let me know.
Overall, new inventory that came to the market in MAY exceeded that of the month prior telling me that buyers have more to choose from and sellers have more competition. The data shouldn't be a surprise but seems useful to me when breaking it down per price group!
CURRENT STATE OF NYC MARKET: Much of the same as I've been discussing lately on UrbanDigs. Buyers still have great control although they usually have to wait 1-2 months for a new listing to come down in price if not priced aggressively from the start. Time on market is still high for sellers forcing desperate homeowners to lower their price aggressively should they need to sell now! Buyers should keep their eyes open for these deals as they are popping up here and there! Lending rates are still trickling higher putting a bit of time pressure on buyers to lock in a rate sooner rather than later.
Rental prices continue to rise and inventory remains super tight (around 0.65%) making buying a desired choice for those that are able to afford the initial closing costs (read post on "The Starter/Investment Property"). Condo/Co-op prices are still relatively high for new listings coming to market, but most apartments experience at least 1 price reduction before finding a buyer in this market; some apt's experience a 20% drop in asking price to spur buyer activity! Can you find the deals? Good Luck!