One of the ways to gauge how well sellers are doing is to compare the price that a property sold for to its last listing price. This gives you a sense of how much of a discount a seller accepted off their last asking price—or if they came close to what they were seeking.
According to a new report from StreetEasy on the top 10 sellers’ markets in NYC, the median-sale-to-list-price ratio for NYC last year was 92 percent—which means sellers got 92 percent of their last asking price. Now that percentage is even higher: In the third quarter of 2021, sellers were getting 96 percent. In some Brooklyn neighborhoods such as Park Slope, Prospect Heights, Clinton Hill, and the Rockaways in Queens, the median-sale-to-list-price ratio was 100 percent in the past six months. Since this is a median figure, it's likely that many of these transactions involved bidding wars.
To determine this list, the report looked for neighborhoods with a high median-sale-to-list-price ratio, fewer median days on market, a lower percentage of price cuts, and a high number of search queries.
Notably, using these metrics, nine of the 10 top seller’s neighborhoods were in Brooklyn, where listings spent a median of 61 days on the market during the third quarter.
The list is led by Cobble Hill. The report notes that the number of queries agents received in regard to sales listings in Cobble Hill quadrupled from 2019 to 2012. At 35 days, properties there also spent the shortest amount of time on the market.
One of the main factors contributing to a sellers’ market: Listings are coming down from the high levels seen during the pandemic. There are more than the usual number of homes on the market in Manhattan for this time of year (in the third quarter of 2021, there were 6 percent more listings than in third quarter of 2019). In Brooklyn and Queens listings are now at the typical level for this time of year—however there’s still lots of pent-up demand, interest in place with outdoor space, and continued low mortgage rates fueling a sellers’ market in the outer boroughs.
Nancy Wu, an economist at StreetEasy, says sellers can expect this pace to continue.
“As long as sellers continue to price their homes in line with the current market, and mortgage rates remain stable, the swift comeback of buyers won’t slow down soon,” she says.
Looking for a way to discreetly test the waters before publicly listing your co-op, condo or brownstone? You can test demand, price and marketing strategy by "pre-marketing" your place first. The pre-marketing program at New York City brokerage The Agency is a no-risk way to get feedback and offers from actual buyers shopping for a place like yours. There's no charge to participate and no obligation to sell or enter a traditional listing agreement if you haven't found a buyer by the end of the pre-marketing period. To learn more, click here. >>
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