"In December, New York City experienced 5,471 active listings, a 4.7% decline compared to the same period last year. This was in stark contrast to the national trend, where active listings surged by 12.1%. The reduction in inventory in New York was further intensified by the 20.3% drop in newly listed homes compared to last year, painting a picture of a market with increasing exclusivity."
"The median listing price in New York City stood at $1,500,000 in December, showing a notable 6.1% decrease from the previous year, far exceeding the modest national decline of 0.6%. With price reductions on 4.2% of homes, a slight increase from last year, buyers were presented with unique opportunities to find value in this prestigious market. Homes in New York spent an average of 90 days on the market in December, a marginal increase of 0.3% year-over-year."
In December, New York City had 5,471 active listings, a 4.7% year-over-year decline, while newly listed homes fell 20.3%. National active listings rose 12.1% over the same period. The median listing price in New York was $1,500,000, down 6.1% year-over-year, compared with a 0.6% national decline. Price reductions affected 4.2% of homes, a slight increase from the prior year. Homes in New York averaged 90 days on market, a 0.3% increase, longer than the national median of 73 days. Buyers faced increased negotiation opportunities; sellers faced fewer new listings and needed strategic pricing.
Read at SFGATE
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