Inventory Check Shows July Slowdown
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 JULY vs JUNE. Not surprisingly, the number of new listings to market slowed across all major price groups except under $250K! NYC real estate is seasonal with slow open house activity and many new sellers waiting until after labor day to list their apartment for sale.
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: Have you noticed less choices if you are looking to buy an apartment in NYC lately? It's not an illusion. The # of new listings in the month of July has decreased significantly across almost all price groups. I would think the slowdown in new listings is consistent with the seasonal market that affects NYC. I've said numerous times that the summer is not the best time to sell as open house activity is generally weak and buyers stay out of the heat and leave NYC during the weekends. That leaves sellers with less action and the likelihood of accepting a lower offer than normal; a good recipe for serious buyers.
Expect much of the same for next month's inventory report and and an uptick in listings inventory as we move past labor day!
CURRENT STATE OF THE NYC HOUSING MARKET: Exactly the same as 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.
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