NYC Inventory Check: May vs June
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 # of New Listings that came to market in MAY vs JUNE.
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: The month of June experienced a general slowdown in new listings inventory coming to market, especially in the $501K-$750K price group, which experienced aproximately a 21% decline in new listings in June when compared to May. The $1.001M-$1.5M price group also showed a statistical decline in new listings with aproximately 19% decline. Since I am so new to these inventory charts, and only have been doing them for 3 months now, I would think the slowdown in new listings is consistent with the seasonal market that affects NYC.
Generally speaking, there is less inventory on the market during the hot summer months of JUNE-JULY-AUGUST as most people leave the city during this time, especially on weekends. Sellers experience a slowdown in activity at OH's and usually are 'looser' in their reactions to low-ball offers; a good sign for serious buyers who know they intend to buy during the summer! I would expect more of the same when calculating the inventory report for next month.
CURRENT STATE OF THE NYC HOUSING MARKET: Very similar to last month's analysis! Most sellers are still in denial about the housing cooldown and price their property's at last years levels with the hopes 'their home' will get that perfect uneducated yet wealthy buyer. Not so. Time on market is still about 2-5 months or so as most seller's these days will lower their asking price at some point during the sales process. Buyers are very savvy and patient resulting in no bidding wars that I am aware of, and sellers should realize this dynamic sooner rather than later when discussing the future of their marketing strategy with their hired representative broker.
My advice to sellers: Give yourself time to sell your apartment in today's market. Should you HAVE TO sell right away, be sure to aggressively price your apartment otherwise it just won't sell as fast as you hope.
