Manhattan home price declines are a result of rising inventory of apartments for sale, which are also taking longer to sell.High rents in Manhattan are also helping sales as many potential buyers who were waiting out the sales market in rentals are finally deciding to buy.
Manhattan now has a 9.8 month supply of apartments for sale, which means it would take 9.8 months to sell all of the apartments on the market without any new listings, according to Brown Harris Stevens."Any number over 6 months tells us there is too much supply and we are in a buyer's market," according to the Brown Harris Stevens report.
"The buyers and sellers resolve is weakening," Miller said."At a certain point, they can only wait so long before they feel like they have to make a move."With the gap narrowing between buyer and seller expectations, more deals are closing. There were 2,609 sales in the second quarter, up 12% from a year ago, according to the Douglas Elliman and Miller Samuel report. That marked the first sales rebound in two years.in which it had languished for the first quarter of 2024.