If you’re a homebuyer in Manhattan, your life just got easier. For sellers, it’s another story.
The number of homes listed for sale in the borough jumped 17 percent last month from a year earlier -- the biggest annual increase in data going back to 2010, according to StreetEasy, which reported 9,720 properties on the market at the end of May. The sharpest rise was on the Upper East Side, with a 20 percent surge in listings.
Inventory typically peaks in May -- but this year, the pileup was coupled with a 38 percent decline in sales, StreetEasy said.
“Sellers are betting on a wave of demand from the peak shopping season, but this summer’s market has turned out to be a crowded one,” Grant Long, senior economist for the real website, said in the report.
Other boroughs had similar jumps in inventory. In Brooklyn, listings rose 23 percent in May from a year earlier, to 5,260, and in Queens, they climbed 43 percent to 2,949.
This article was provided by Bloomberg News.