StreetEasy released their 3rd Quarter 2019 Market Report recently. The report indicates that the number of homes for sale in Brooklyn and Queens. The number of homes for sale in Manhattan has also hit near all-time highs. The StreetEasy Market Reports are a monthly overview of the Manhattan, Brooklyn and Queens sales and rental markets. The reported are thereafter aggregated per quarter. It is derived from from public recorded sales and listings data from real estate brokerages that provide comprehensive coverage of Manhattan, Brooklyn and Queens.
The report indicates that although there is more competition as there is more inventory, sellers have been reluctant to give discounts as the concessions have remained pretty much unchanged from last year. The median size of the cuts were pretty much the same as last year as well. Brooklyn discounts rose just one percentage point to 22.3% and the median size of price cuts was 5.1%. Queens remained the same with a stagnant figure of just 19.3% giving price cuts with the median size of the cuts coming in at 4.3%. In Manhattan only 23.7% of sellers gave a discount, which is the lowest amount of 2019. The median size of price cuts in the borough was 5.3%.
Grant Long, Senior Economist for Streeteasy says the reluctance of sellers to reduce prices had made the rental market stronger. He states “Most sellers are still refusing to bow to the buckling market, causing would-be buyers to turn to the rental market, where they are finding a lot to like. Until sellers recognize that prices are not what they once were, those with the means to buy will continue to play the waiting game from the comfort of their rental. With job growth in the city continuing to support demand for homes, we expect to see an unusually competitive winter in the rental market, including likely record rates of rent growth.” Rents in Manhattan increased at the fastest rate since 2015 to $3,318 up 3% from last year. Brooklyn rents rose at the fastest rate in the city, up 3.9% to $2,712. Queens rents rose 3.3% to $2,200 which was its biggest jump since 2016.
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