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The Time is Now: NYC Market Update 3/31/17

Raymond P. (Randy) Reis III

Raymond P.

Raymond P.

Feb 8 4 minutes read

Selling your home is one of the biggest decisions (and undertakings) you go through as an owner.

In order to keep maximize your equity, deciding WHEN to sell is just as important as how much you decide to list your property at.

Seeing data and trends make a huge difference so you are informed to capitalize at the right time.

The data below is Manhattan only. The outer boroughs, especially certain neighborhoods in Brooklyn and Queens follow along and mimic the trends seen in Manhattan. It's not exact, but it does help........ But fear not, data for Brooklyn is coming, and soon we hope!

Here are the most important stats for March 31st that you should know if you've been thinking of putting your home on the market


Manhattan Real Estate Charts & Data Room

Supply

4,975 LISTINGS ON MARKET AS OF YESTERDAY

  •  + 0.7from prior month
  •  + 7.6from one year ago

Pending Sales

3,150 LISTINGS IN CONTRACT AS OF YESTERDAY

  •  + 9.8from prior month
  •  + 8.1from one year ago

Days on Market

77 MEDIAN DAYS ON MARKET AS OF YESTERDAY

  •  + 2.7from prior month
  •  + 24.2from one year ago

Price / Square Foot

$1,307 MEDIAN PRICE PER SFT AS OF DECEMBER

  • +  0.5% from prior month
  •  - 4% from one year ago

Monthly Contract Activity

947 CONTRACTS SIGNED IN FEBRUARY

  •  + 26.4% from prior month
  •  + 14.8% from one year ago

Monthly New Supply

1,261 NEW LISTINGS IN FEBRUARY

  •  + 2.3% from prior month
  •  - 4.8% from one year ago

Median Sale Price

$1,036,125 DECEMBER MEDIAN SALE PRICE

  •  + 3.1% from prior month
  •  - 8.9% from one year ago

Monthly Sales Volume

988 DECEMBER SALES VOLUME

  •  + 17.8% from prior month
  •  - 18.3% from one year ago

Volatility Index

1.57 ACTIVE-TO-PENDING RATIO AS OF YESTERDAY

  •  - 9.8from prior month
  •  - 2.5from one year ago

Off-Market Inventory

3,325 OFF-MARKET LISTINGS AS OF YESTERDAY

  •  + 2.9from prior month
  •  + 26.5% from one year ago

Monthly Median Listing Discount

3.10 % DECEMBER MEDIAN DISCOUNT

  •  + 3.3% from prior month
  •  + 93.8% from one year ago

Monthly Absorption Rate

4.20 ABSORPTION RATE AS OF DECEMBER

  •  - 10.6% from prior month
  •  + 27.3% from one year ago

Discount to DOM

0.00 % MEDIAN DISCOUNT UNDER 30 DAYS IN Q4

  •  - 0% from prior quarter
  •  - 100% from one year ago

Sales Over Asking Price

21.21 % SOLD ABOVE ASK IN Q4

  • 11.9% from prior quarter
  •  - 27.6% from one year ago

The "Monthly Absorption Rate" means there is only 4.2 months of supply while normally there is 6-7 months. We're in a strong seller's market, so if you've thought of selling - now may be the time. 


*All data generously provided courtesy of Noah Rosenblatt and Urban Digs


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The time to sell is now with supply low and demand rising!

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