"Supply shrank in February, putting buyers at a disadvantage. Active listings fell 4.2% year-over-year to 5,268 homes, moving in the opposite direction from the national market, where inventory grew 7.9%."
"The median listing price came in at $1,495,000 in February - down 4.9% year-over-year, but nearly 3.7 times the national median of $403,450. Only 5.7% of listings carried a price cut."
"Patience is built into every New York deal, and February was no different. The median home spent 94 days on the market, reflecting the complexities of co-op board approvals and high-dollar negotiations."
New York City's real estate market is characterized by high demand and limited supply, with active listings decreasing by 4.2% year-over-year. Newly listed properties fell by 15.7%, creating a competitive environment for buyers. The median listing price in February was $1,495,000, down 4.9% from the previous year, yet still significantly higher than the national median. Only a small percentage of listings saw price cuts, indicating sellers are not willing to lower their prices. Homes took an average of 94 days to sell, reflecting the complexities of the market.
Read at SFGATE
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