StreetEasy shows in a February 2022 market report that indicates a competitive spring homebuying season, and homebuyers are feeling the pressure.
4,078 people listed their homes for sale on the market in New York City for February, which was the highest number of new listings in the market for any February, according to StreetEasy records. This is a sign that the market has continued to rebound since the pandemic. The previous high was in February of 2018, with 3,538 homes added to the market.
StreetEasy data shows an increase in available homes between January and February of 2022. With a total of 16,622 homes for sale in February, 549 more than there were in January. Still, inventory was 12.2% lower than it was in February of last year
Mike Biryla, a licensed real estate salesperson at Triplemint and a StreetEasy Expert, explains that the up in listing signifies that home hunting season is steadily returning.
“As the weather gets nicer, many sellers find it an opportunistic time to showcase their properties as the term ‘tree-lined street’ becomes a reality,” Biryla said. “An increase in listings also brings an increase in buyers, so it’s very important to have a solid understanding of what matters most in your home search. That way, as more and more apartments come onto the market, you’ll be in the right position to move forward quickly and find the home of your dreams.”
The number of cuts on offering prices shows how strong the demand for buyers is. In February, 8.1% of New York City, for-sale listings advertised a price cut. The median asking price for a home was $950,000, stable from a year prior. More price cuts may be coming, though. The sale-to-list price ratio in New York City is dropping, so sellers are taking cuts between their original list price and their closing price.
“It’s been two years of unpredictability in the New York City market, but this data shows that the seasonality of the sales market is back,” Casey Roberts, StreetEasy Home Trends Expert, said. “This spring will be competitive for homebuyers, but the increase we’re seeing in new inventory is promising. The recent rise in home prices should motivate even more sellers to list their homes for sale, making it easier and more likely for buyers to find and win a home they love.”
All five boroughs have been affected as the market demand slowly rises.
In Manhattan, 1,926 homes were added to the market in February. That’s 25.6% more than the previous year. The median asking price was $1,470,000, 8.9% higher than last year.
In Brooklyn, 1,180 homes came onto the sales market in February. That’s 23.6% more than the previous year. The median asking price in Brooklyn was $928,000, a 3.2% increase from last year.
Queens was the only borough analyzed for this report that saw an annual decline in median asking prices. The asking price in February was $588,000, down 3.6% compared to last year. The total number of sales was stagnant compared to the previous year, with 3,072 available homes on the market.
Queen’s rental inventory remained stable throughout the pandemic years compared to Brooklyn and Manhattan. Overall, New Yorkers are looking at a strong buyer demand and low inventory this spring season.