According to UrbanDigs, a leading Manhattan Real estate market data provider, indicates that buyers may have an advance in the real estate market in Manhattan.
According to their numbers, the amount of days on market for a property for sale, is 68 days, which is up 21.4% from last year, and down 9.3% from last month. Also good to point out that in Q1 of 2017 70.8% of total sales listings were sold below the properties asking price or about 1,231 homes. Last quarter, Q4 2016 only 67.9% or 1,163 homes were sold below the advertised price. The Monthly New supply of properties in Manhattan for any bedroom configuration and for all prices are down 3.2% from last month and down 3.8% from last year. Keep in mind that just because market indicates that a lower cost than that of the advertised cost are more likely to be accepted, does not mean to make really low ball offers on properties.
As Noah Rosenblatt, Founder and Chief Executive Officer of Urbandigs, states: “One great way we can measure the “severity” of any downturn is Days on Market, a realtime metric you can find here on UrbanDigs. Days on market is measured using the Pending sales subset and looking at the median time it takes to go from original listing to contract signed. The spread between Days on Market for Co-ops and Days on Market for Condos can guide us to a shift, or dislocation in either market as it occurs in realtime. The logic goes: When DOM rises & spread widens –> The market is weakening, deteriorating. When DOM falls & spread narrows –> The market is stabilizing, rising”
Given the recent NAHB recent Q1 news indicates that the overall housing market in the nation has become more affordable, as well as a dip in Mortgage rates, it may be time to start shopping around for new place.
In short, Urbandigs and their site is all about accurate Real-time, Hyper-local, Manhattan Market Data. Formed in 2005, over the years UrbanDigs has become the trusted source for Manhattan market reports and unbiased commentary on what was happening in the field. The goal was to close the gap between anecdotal broker reporting and fresh data to quantify market trends.