Home-sellers in Long Island City are pretty motivated. Thirty-eight percent of listings in the Queens waterfront neighborhood had their prices cut in the second quarter, the biggest share across three New York boroughs in an analysis by StreetEasy.
Buyers are looking for bargains, and in today’s supply-saturated market, owners obliged. On Manhattan’s Upper West Side, 30 percent of listings were reduced, and in the combined Upper East Side and Roosevelt Island neighborhoods, the share was 32 percent. In Chelsea and Greenwich Village, prices were trimmed on 29 percent and 25 percent of listings, respectively.
Across the river, Brooklyn Heights sellers cut prices on 30 percent of listings. Park Slope was close behind, with 27 percent.
“So many sellers think theirs is the one unique apartment in New York City, but buyers have a lot of options right now,” said Grant Long, senior economist for StreetEasy. “The one thing that makes your apartment stand out is a lower price.”
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Highest priced sale
Median home price
Change in price from last year
Definition of Terms and Methodology
The sales data are based on condo, co-op, townhouse and single-family home transactions during the last three months of 2016, according to StreetEasy’s analysis of records from the New York City Department of Finance. Due to a delay between the closing date and when a sale is recorded by the Department of Finance, the data may not include all closings during the quarter.
Highest sale price
The highest sale price for all closed transactions in the quarter.
Median resale price
The middle price for homes with sales that closed in the quarter and had a prior recorded sale since 1995.
Median sale price, all homes
The middle price for all sales that closed in the quarter, including deals in new developments.
Price change
The percentage change in median price from the identical period in the previous year.
Median days on market
The middle value for the number of days from when a home was originally listed on StreetEasy to when it went under contract.
Sales count, all homes
The number of home sales that closed during the quarter.
Sales count, resales
The number of homes that sold in the quarter with a prior recorded sale since 1995.
Median asking rent
The middle advertised monthly price for rental homes listed on StreetEasy during the quarter.
Rental count
The number of properties listed for rent on StreetEasy during the quarter.
Tipping point
The time it would take for the accumulated costs of renting a home to equal or exceed the cost of buying and owning a comparable-size home in the same area. The calculation takes into account such homeownership costs as principal and interest payments on a 30-year fixed-rate mortgage, New York City taxes and the tax implications of selling a home, and such rental costs as renter’s insurance and the broker’s fee.
Listing discount
The median percentage change between the initial asking price listed on StreetEasy and the recorded sale price.
Share of sales listings with price cuts
The percentage of homes for which the list price on StreetEasy was reduced during the quarter.
Share of rentals discounted
The share of all active rental listings on StreetEasy that had a reduction in asking rent during the quarter.
NAs
Metrics with fewer than 10 examples in a neighborhood aren’t reported because more data are needed for an accurate representation. These are indicated as “NA”.