Far fewer New York City sellers cut prices in March compared to February, according to a new report by RealtyHop.
It’s not likely because they were holding out for higher offers from buyers. The fewer price chops in March are probably a result of sellers pulling listings off the market after New York State shut down non-essential businesses in mid-March.
The neighborhood with the most price drops, Upper East Side-Carnegie Hill area, was unchanged from February to March. It had 92 price drops in March, compared to 155 in February and 159 in January.
In its monthly price drop report, RealtyHop identifies neighborhoods with the highest total number of price cuts. It also highlights areas with the biggest percentage drop in median price, and the biggest median dollar price drop.
The top five addresses still on the market with the biggest dollar price drops are all in Manhattan. A three-bedroom condo at 50 Central Park West lead the list with a $5,000,000 price drop—it is now asking $25,000,000.
All top five spots on the list of addresses still on the market with the largest percentage price drop in the past 30 days are in Manhattan as well. The top address with the largest percentage price drops in March is a two-bedroom condo in Hell’s Kitchen. It had a cut of 25 percent to $995,000.
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