Manhattan home sales tumble as buyers push back

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So, let’s look at the Manhattan real estate market this past winter. The number of active listings on the market in Manhattan has increased 18.5% from approximately 4,975 last March to approximately 5,900 today. Yet, the number of new listings added decreased by 7.3% from 1,435 in February 2017 to 1,330 in February 2018.

Inside a Massive $21M NYC Townhouse | On the Market | Architectural Digest Home sales in Manhattan plunged by the most since the recession as buyers at all price levels drove hard bargains and were in no rush to close deals. Sales of all condos and co-ops fell 25 percent in the first quarter from a year earlier to 2,180, according to a report Tuesday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real.

Manhattan home prices were thrashed again in April, falling the most since 2010 – but this time, there may be somewhat of a silver lining. The falling prices caused buyers to "pounce", resulting in 1,193 homes under contract during the month – more than any month since April of 2015, according to data provided by Bloomberg and StreetEasy.

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As summer came to a close, dynamics in the NYC real estate market continued to pivot in favor of buyers, particularly in Manhattan. The StreetEasy Manhattan Price Index dropped to $1,142,742 in the third quarter of 2018, a decrease of 1.8 percent, or $20,597, since last year – marking the largest annual dip in prices since the financial crisis , according to the Q3 2018 StreetEasy Market.

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Home sales in Manhattan plunged by the most since the recession as buyers at all price levels drove hard bargains and were in no rush to close deals. Sales of all condos and co-ops fell 25% in the first quarter from a year earlier to 2,180, according to a report Tuesday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate.