Photo: Eric Fischer/Flickr
The Manhattan market, whose pace for the past three years has been characterized as frenzied by analysts, calmed down in July as evidenced by a slowing growth in sale prices and increases in days spent on market, according to a new report by the online listing site StreetEasy.
The median resale price in Manhattan was $994,458 in July, which was up 2 percent year-over-year and marked the slowest pace of price growth since April 2012.
Manhattan homes sold in a median of 62 days, up three days from 2015. Homes in Midtown stayed on the market the longest in July at 68 days — an increase of 10 days from 2015. The fastest moving homes in July were on the Upper West Side, where homes sold in a median of 54 days, up 18 days when compared to last year.
Upper Manhattan reported the largest price growth in all of the borough’s submarkets with an annual increase of nearly 6 percent, while downtown Manhattan experienced the slowest growth, increasing just 0.6 percent year-over-year.
Sellers received a median of nearly 98 percent of their asking prices compared to 100 percent seen in July 2015.
“With buyers more hesitant and fatigued, it would behoove sellers to have a bit more empathy for the fatigued buyer. The first way to express this would be with fair pricing,” StreetEasy economist Krishna Rao told DNAinfo. “Sellers will need to continue to level expectations amid a less competitive market, while buyers have the opportunity to negotiate asking prices down even further.”
You can view StreetEasy’s report here.