The frenzied pace of the New York City sales market is calming down, a result of more listings on the market and slowing demand. With less competition, buyers have gained some breathing room—they can take a day or two to make an offer—something not possible in recent months. It’s not exactly a swing from a seller’s to a buyer’s market, at least not yet—it’s more like a nudge.
You can expect a slower pace to return this summer, when the market usually takes a pause for vacations. (Unlike last summer, when third quarter Manhattan sales saw the highest quarterly total in more than 32 years.)
Up until recently, demand from buyers meant even as listings ticked up, they were just as quickly snatched off the market. But that’s changed, the number of new listings coming to market each month minus units signed into contract or taken off the market—is on track to notch three positive months in a row for the first time since the reopening post-Covid.
A real estate report that tracks this shift in the market is the latest edition of the Miller Samuel Report. Jonathan Miller, president and CEO of the appraisal firm Miller Samuel and the author of the report, notes that new signed contracts for Manhattan co-ops, condos and one-to-three-family houses has slipped year over year in four out of the past five months—a lack of listings has been to blame, up until now. With the May report, Miller notes, “the rise in mortgage rates in recent months has enabled a year-over-year addition of new listings to the market in May.” In real terms, that means buyers have more choice.