Spring is here and while the flowers are blooming, so is the number of contracts signed. In fact, they’re up year-over-year in all three boroughs, which means more buyers are taking the leap and purchasing their NYC dream homes.
Read on to find out what happened in the Manhattan, Brooklyn, and Queens markets in April 2019 compared to April 2018, and search homes on triplemint.com if you are considering a purchase in one of these three NYC locations.
In Manhattan, the median listed price is down 6% and the number of listings with price drops is up 21%. This shows that sellers are pricing based on current market trends. The number of contracts signed increased by 39% year-over-year as well, signifying an increase in the number of buyers jumping in. Did news of the Mansion Tax increase cause this bump? Time will tell!
Heading over to Brooklyn, demand remained high with an increase of 63% in contracts signed, and it was the only borough that saw a significant increase in the average price per square foot year-over-year. The number of listings with price drops increased by 59%, which illustrates that sellers may still be adjusting their aggressive pricing from prior months. Thinking about making a move to Brooklyn? Now may be the time to do so!
With a 53% increase in the number of contracts signed and a 24% increase in the number of sales, buyers are flocking to Astoria and Long Island City, even though Amazon won’t be moving to the neighborhood anytime soon. Inventory is also up 55%, giving those who are seeking residence in Queens more options to choose from.
Data courtesy of OLR Market Pulse and current as of 5/10/2019.