New listings hit the NYC housing market

The spring home shopping season has finally reached New York City. It is usually known as the best time to sell or buy a home. This season has the highest number of new listings, helping buyers find their dream homes. Meanwhile, sellers get a chance to list their property for a quicker sale. 

In March, the number of newly signed contracts in Manhattan rose annually for the first time in 2022, the new report by Douglas Elliman and Miller Samuel Inc. suggests. The same trend can be seen in Brooklyn, where the number of newly signed contracts for all property types is significantly above the pre-pandemic level. 

The number of new co-op and condo listings that hit Manhattan in March 2022 has also increased by at least 15 percent. In Brooklyn, the new listing inventory went up 9.5 percent for condos and 37.8 percent for single and multi-family homes. However, new co-op listings dropped by a third compared to last year.   

The spring wave of new listings stops home prices from growing rapidly and motivates homebuyers. However, according to Jonathan Miller, the author of the report, “bidding wars are baked into expectations” due to low inventory. 

While the NYC housing inventory is rising, the suburban home market is experiencing a decline. The number of newly signed contracts and new listings keeps dropping for single-family homes and condos in Hamptons. A similar year-over-year decline is happening in North York and Westchester. 

The demand for homes in New York City dropped dramatically at the beginning of the pandemic. Many New Yorkers were fleeing the city and investing in suburban property. Now, the demand for property in the city is growing, and according to Jonathan Miller, New York City still has homes to sell. 

Resources:

“March inventory numbers bode well for city’s housing market,” by Sasha Jones (The Real Deal, 2022)

“Elliman Report: New York March 2022 New Signed Contracts,” by Miller Samuel Inc., (Douglas Elliman, 2022)