NYC homes are selling their fastest in 6 years: study

New York homes are once again being sold in a New York minute.

According to a newly released market report from listings portal StreetEasy, the average townhouse spent a total of 46 days for sale in April — 20 days fewer than the 66 days in April 2021. This number also marks the shortest time spent on units since April 2016 on the market market when they were sold in just 44 days.

It is a sign of a competitive market characterized by strong buyer demand. As well as traditionally bringing fast-paced business, spring’s search for homes comes as locals continue to flock to the city and schools and offices are reopening.

Also part of this demand for buying a townhouse: increased prices. In April, the median asking price for a townhouse rose to $995,000 — a 4.7% year-over-year increase and the highest price since June 2019. The number of homes that have been contracted remained near record highs seen last spring . A total of 1,525 units were signed in Manhattan alone in April — the most the borough has seen since May 2013.

The median asking price for a town house also rose in April.
The median asking price for a town house also rose in April.
Getty Images/Tetraimages RF
In the Manhattan borough, median asking prices rose to $1.45 million.
In the Manhattan borough, median asking prices rose to $1.45 million.
Getty Images

Despite how it may seem, there are plenty of apartments available for those who can afford to buy them. Last month, StreetEasy listed 19,000 city apartments for sale — not far from the pre-pandemic high of 20,735 listed in spring 2019 during a slow-moving market.

The sales market is a far cry from the rental market, which began to return to its notoriously high prices towards the end of 2021 – marked by massive increases for renewals and followed by bidding wars to secure available units. To add salt to the wound, there are now fewer than 10,000 available rental units in Manhattan, Brooklyn and parts of Queens.

The StreetEasy report also only includes data from Manhattan, Brooklyn and Queens.

In Manhattan, the average asking price rose to $1.45 million in April, up 7.4% year over year. That’s lower than pre-COVID levels, but Brooklyn reached pre-pandemic prices in April, when prices rose 6.6% year over year to a median of $975,000, the highest since May 2019, according to StreetEasy. Queens, meanwhile, saw median prices fall 2.5% yoy in April to $599,450.

https://nypost.com/2022/05/24/nyc-homes-sell-at-their-fastest-pace-in-6-years-study/ NYC homes are selling their fastest in 6 years: study

JACLYN DIAZ

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