Cherry Blossoms are blooming, rooftops are opening, and outdoor eating is back, which only means one thing. It's Spring! Along with the enjoyable outdoor activities, it's the season for home buying. With heightened demand and fewer listings available on the market, it's set to be a competitive one for prospective buyers. The good news is that inventory is coming back onto the market, which should ease some of the pressure homebuyers are feeling.
In February, 4,078 sellers listed their homes on the market across New York City. That was the highest number of new listings to come onto the market in any February on StreetEasy record – a sign that the market is still rebounding amid the pandemic recovery. The previous high was in February 2018, when 3,538 homes were added to the market.
After three months of for-sale inventory falling, StreetEasy data shows there was an increase in available homes between January and February. There were 16,622 NYC homes for sale in February, 549 more than there were in January. Still, inventory was 12.2% lower than it was in February last year, so there remains room for inventory to recover fully.
However, as the weather gets nicer, many sellers find spring an opportunistic time to showcase their properties. When there is an increase in listings, it brings an increase in buyers.
In New York City, the median time on the market for a home was 88 days in February- 28 days faster than last year. Buyers will likely notice homes moving quickly, if not quicker, heading into the peak shopping season.
Since the Pandemic began, it has been two years of unpredictability in the Real Estate market. However, data shows that the seasonality of the sales market is returning. Spring will be competitive for homebuyers, but an increase in inventory is promising. The recent rise in home prices should motivate sellers to list their homes, making it easier for potential buyers to find and win a home they love.