Manhattan real estate sales fall for sixth straight quarter — longest losing streak in 30 years
Manhattan real estate had its worst first quarter since the financial crisis, capping the longest losing streak for sales in over 30 years, according to a new report.
Sellers who still have unrealistic price expectations are the biggest barriers to sales, brokers say. That has led to more listings piling up and sitting on the market for longer periods. There is now a nine-month supply of homes on the market, with inventory up 9 percent. The glut in new development is even worse: The supply of newly built condos jumped 56 percent over last year, to a 19-month supply.
Miller says the outlook for the year is unlikely to improve — especially with the new mansion tax.
“The market continues to be vulnerable to challenges,” he said.